Evercore ISI Raises State Street (NYSE:STT) Price Target to $94.00

State Street (NYSE:STT) had its target price boosted by Evercore ISI from $89.00 to $94.00 in a report released on Wednesday, Benzinga reports. The firm currently has an outperform rating on the asset manager’s stock.

A number of other analysts also recently commented on STT. Royal Bank of Canada boosted their target price on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley lifted their target price on shares of State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Barclays increased their price target on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $91.39.

State Street Stock Performance

NYSE:STT opened at $91.43 on Wednesday. The firm’s fifty day simple moving average is $85.89 and its 200-day simple moving average is $79.54. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market cap of $27.54 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.29 and a beta of 1.48. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $94.60.

State Street (NYSE:STT) last issued its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the company posted $1.93 earnings per share. Analysts expect that State Street will post 8.15 earnings per share for the current fiscal year.

Institutional Trading of State Street

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital International Investors grew its holdings in State Street by 0.5% in the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after purchasing an additional 31,314 shares during the period. LSV Asset Management boosted its holdings in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares during the last quarter. Metropolis Capital Ltd grew its stake in shares of State Street by 13.1% during the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock valued at $305,238,000 after buying an additional 479,205 shares during the period. Cooke & Bieler LP increased its holdings in shares of State Street by 3.1% during the 2nd quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock worth $262,795,000 after buying an additional 105,222 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of State Street by 9.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock worth $224,466,000 after buying an additional 259,729 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.