The Goldman Sachs Group Issues Positive Forecast for State Street (NYSE:STT) Stock Price

State Street (NYSE:STT) had its price target raised by research analysts at The Goldman Sachs Group from $98.00 to $111.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the asset manager’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 0.63% from the stock’s current price.

Several other research firms have also recently weighed in on STT. Barclays cut their target price on State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Truist Financial upgraded State Street from a “hold” rating to a “buy” rating and upped their price objective for the stock from $85.00 to $112.00 in a research report on Wednesday, May 28th. Evercore ISI raised their price objective on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday. Cfra Research cut State Street from a “moderate buy” rating to a “hold” rating in a research report on Thursday, May 29th. Finally, Wells Fargo & Company dropped their target price on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, State Street has an average rating of “Hold” and a consensus price target of $106.46.

State Street Stock Up 0.7%

STT stock opened at $110.31 on Wednesday. State Street has a fifty-two week low of $72.65 and a fifty-two week high of $110.80. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market capitalization of $31.46 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 1.27 and a beta of 1.45. The business’s fifty day moving average price is $97.31 and its two-hundred day moving average price is $94.46.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same period in the previous year, the company posted $1.69 earnings per share. On average, equities analysts anticipate that State Street will post 9.68 earnings per share for the current year.

Insider Activity

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer directly owned 7,354 shares in the company, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Eastern Bank lifted its holdings in shares of State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after purchasing an additional 2,947,153 shares during the period. Norges Bank bought a new position in State Street during the 4th quarter worth $161,021,000. Price T Rowe Associates Inc. MD lifted its holdings in State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock worth $226,642,000 after buying an additional 1,622,408 shares during the period. Nuveen LLC acquired a new position in State Street during the 1st quarter worth about $93,016,000. Finally, FMR LLC grew its position in shares of State Street by 14.2% in the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after buying an additional 870,849 shares during the last quarter. 87.44% of the stock is currently 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.