Wells Fargo & Company Lowers State Street (NYSE:STT) Price Target to $113.00

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

STT has been the subject of several other research reports. Truist Financial lowered 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. Morgan Stanley dropped their price target 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 boosted their price objective on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $101.53.

State Street Trading Down 3.1 %

Shares of State Street stock opened at $88.95 on Friday. State Street has a 52-week low of $70.20 and a 52-week high of $103.00. The stock has a market cap of $25.66 billion, a PE ratio of 10.80, a PEG ratio of 1.11 and a beta of 1.44. The firm has a 50-day moving average of $95.35 and a 200-day moving average of $94.56. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The company 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 revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.04 EPS. As a group, sell-side analysts forecast that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On State Street

Large investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in shares of State Street by 6.3% in the fourth quarter. Wellington Management Group LLP now owns 551,210 shares of the asset manager’s stock valued at $54,101,000 after buying an additional 32,513 shares in the last quarter. 111 Capital bought a new position in State Street in the 4th quarter valued at about $587,000. Wealth Enhancement Advisory Services LLC lifted its position in 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in State Street during the 4th quarter valued at about $30,624,000. Finally, Integrated Advisors Network LLC bought a new stake in State Street during the 4th quarter worth approximately $207,000. 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.