State Street (NYSE:STT) Given New $99.00 Price Target at Bank of America

State Street (NYSE:STT) had its price target upped by research analysts at Bank of America from $98.00 to $99.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “underperform” rating on the asset manager’s stock. Bank of America‘s price target suggests a potential upside of 11.47% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Morgan Stanley cut their target price on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Barclays lifted their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Citigroup cut their price target on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Finally, JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $102.53.

State Street Trading Down 0.8 %

Shares of State Street stock opened at $88.82 on Wednesday. The stock has a market cap of $25.62 billion, a P/E ratio of 10.78, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 12-month low of $70.20 and a 12-month high of $103.00. The business’s 50 day moving average is $94.99 and its 200-day moving average is $94.65.

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

Insider Buying and Selling at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on 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 trade represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the business’s 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 transaction, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

Several large investors have recently bought and sold shares of STT. Neville Rodie & Shaw Inc. lifted its holdings in shares of State Street by 5.3% in the first quarter. Neville Rodie & Shaw Inc. now owns 19,110 shares of the asset manager’s stock worth $1,711,000 after acquiring an additional 960 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in State Street by 13.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager’s stock valued at $104,000 after buying an additional 134 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of State Street by 6.3% during the fourth quarter. Wellington Management Group LLP now owns 551,210 shares of the asset manager’s stock worth $54,101,000 after buying an additional 32,513 shares during the last quarter. 111 Capital acquired a new position in shares of State Street during the fourth quarter worth $587,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of State Street by 14.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager’s stock valued at $3,240,000 after acquiring an additional 4,220 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

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.