Wells Fargo & Company Forecasts Strong Price Appreciation for State Street (NYSE:STT) Stock

State Street (NYSE:STT) had its price target upped by Wells Fargo & Company from $113.00 to $121.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.52% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Morgan Stanley increased their target price on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Bank of America increased their price target on shares of State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 2nd. Cfra Research cut shares of State Street from a “moderate buy” rating to a “hold” rating in a research note on Thursday, May 29th. Barclays decreased their price target on shares of State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Finally, Citigroup increased their price target on shares of State Street from $100.00 to $115.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $109.92.

State Street Trading Up 0.3%

NYSE STT opened at $109.48 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The firm’s fifty day moving average price is $99.05 and its 200 day moving average price is $94.82. The company has a market capitalization of $31.22 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 1.27 and a beta of 1.45. State Street has a 12 month low of $72.81 and a 12 month high of $110.97.

State Street (NYSE:STT) last posted its earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same period last year, the firm posted $1.69 EPS. On average, sell-side analysts expect that State Street will post 9.68 earnings per share for the current fiscal year.

Insider Activity at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.

Institutional Trading of State Street

Several hedge funds and other institutional investors have recently made changes to their positions in STT. First Pacific Financial acquired a new stake in shares of State Street in the first quarter valued at about $25,000. Capital Analysts LLC lifted its stake in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC lifted its stake in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the period. Coppell Advisory Solutions LLC increased its holdings in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 412 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its holdings in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after acquiring an additional 310 shares in the last quarter. Institutional investors and hedge funds 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.