Barclays Raises State Street (NYSE:STT) Price Target to $108.00

State Street (NYSE:STT) had its price objective boosted by equities researchers at Barclays from $103.00 to $108.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the asset manager’s stock. Barclays‘s target price points to a potential upside of 16.44% from the stock’s previous close.

A number of other equities analysts have also commented on the stock. Bank of America boosted their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods cut their price target on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Royal Bank of Canada increased their price target on State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Evercore ISI lifted their price objective on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Citigroup upped their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $91.39.

State Street Stock Up 1.0 %

Shares of NYSE STT traded up $0.93 on Wednesday, hitting $92.75. The company had a trading volume of 1,737,877 shares, compared to its average volume of 2,240,439. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street has a 12-month low of $62.78 and a 12-month high of $94.60. The firm has a market capitalization of $27.94 billion, a P/E ratio of 17.37, a PEG ratio of 1.30 and a beta of 1.48. The business has a 50 day moving average of $85.00 and a two-hundred day moving average of $79.26.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter last year, the company earned $1.93 earnings per share. State Street’s revenue for the quarter was up 21.1% on a year-over-year basis. As a group, equities research analysts forecast that State Street will post 8.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On State Street

A number of hedge funds have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. lifted its position in State Street by 4.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock valued at $72,789,000 after purchasing an additional 40,835 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in State Street by 3.3% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock worth $15,376,000 after buying an additional 6,363 shares in the last quarter. M&G Plc acquired a new stake in State Street in the 1st quarter valued at approximately $7,626,000. Cetera Investment Advisers raised its stake in State Street by 127.8% during the 1st quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after acquiring an additional 24,906 shares in the last quarter. Finally, FORA Capital LLC grew its stake in shares of State Street by 549.0% in the first quarter. FORA Capital LLC now owns 27,425 shares of the asset manager’s stock worth $2,121,000 after purchasing an additional 23,199 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

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.