Wells Fargo & Company Has Lowered Expectations for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its target price reduced by research analysts at Wells Fargo & Company from $118.00 to $113.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the asset manager’s stock. Wells Fargo & Company‘s price target points to a potential upside of 27.03% from the company’s current price.

A number of other analysts have also recently commented on the company. Morgan Stanley dropped their price objective on State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Citigroup lowered their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Truist Financial decreased their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $101.53.

State Street Stock Down 3.1 %

Shares of NYSE STT opened at $88.95 on Friday. The firm’s 50-day moving average is $95.35 and its two-hundred day moving average is $94.48. The company has a market capitalization of $25.66 billion, a PE ratio of 10.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.04 EPS. Equities analysts anticipate that State Street will post 9.68 EPS for the current fiscal year.

Insider Transactions at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Albion Financial Group UT purchased a new position in shares of State Street in the fourth quarter valued at $25,000. Y.D. More Investments Ltd lifted its holdings in State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after buying an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in State Street in the 4th quarter valued at about $42,000. Coppell Advisory Solutions LLC grew its stake in shares of State Street by 2,942.9% during the fourth 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, Loomis Sayles & Co. L P increased its position in shares of State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after acquiring an additional 311 shares during the last quarter. 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.