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

State Street (NYSE:STT) had its target price cut by Wells Fargo & Company from $118.00 to $113.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the asset manager’s stock.

Several other analysts have also weighed in on the stock. Barclays lifted their target price on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. Finally, Truist Financial dropped their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $101.53.

State Street Price Performance

Shares of NYSE:STT opened at $88.95 on Friday. The firm has a market capitalization of $25.66 billion, a PE ratio of 10.80, a PEG ratio of 1.11 and a beta of 1.44. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 1-year low of $70.20 and a 1-year high of $103.00. The business’s 50 day moving average is $95.35 and its 200-day moving average is $94.40.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business earned $2.04 earnings per share. Sell-side analysts predict that State Street will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

Insider Transactions at State Street

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

Institutional Investors Weigh In On State Street

A number of institutional investors and hedge funds have recently modified their holdings of STT. Albion Financial Group UT acquired a new stake in State Street during the 4th quarter worth $25,000. Y.D. More Investments Ltd boosted its position in shares of 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 purchasing an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of State Street during the fourth quarter worth $42,000. Coppell Advisory Solutions LLC increased its holdings in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 412 shares during the last quarter. Finally, Loomis Sayles & Co. L P lifted its stake in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after buying an additional 311 shares during the period. 87.44% of the stock is 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.