State Street (NYSE:STT) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

State Street (NYSE:STT) released its earnings results on Friday. The asset manager reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.04, RTT News reports. The firm had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.76 billion. State Street had a return on equity of 12.74% and a net margin of 20.27%. The firm’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.51 earnings per share.

Shares of NYSE:STT opened at $66.95 on Friday. The company’s fifty day moving average is $64.02 and its two-hundred day moving average is $62.46. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.70. State Street has a 12-month low of $42.10 and a 12-month high of $85.89. The company has a market cap of $23.59 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 1.09 and a beta of 1.52.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.11%. The ex-dividend date was Wednesday, September 30th. State Street’s dividend payout ratio (DPR) is currently 33.71%.

STT has been the subject of a number of research analyst reports. Credit Suisse Group upped their target price on State Street from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Zacks Investment Research raised State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 price target on the stock in a report on Tuesday, July 28th. Morgan Stanley dropped their price target on State Street from $69.00 to $66.00 and set an “underweight” rating on the stock in a report on Monday, October 5th. Wolfe Research cut State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 price target on the stock. in a report on Thursday, July 9th. Finally, UBS Group dropped their price target on State Street from $64.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, October 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $75.89.

In other news, EVP Michael L. Richards sold 379 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $70.35, for a total value of $26,662.65. Following the transaction, the executive vice president now directly owns 20,180 shares of the company’s stock, valued at $1,419,663. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Lehner sold 500 shares of the company’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $63.55, for a total transaction of $31,775.00. Following the completion of the transaction, the executive vice president now directly owns 23,860 shares in the company, valued at $1,516,303. The disclosure for this sale can be found here. 0.28% of the stock is owned by insiders.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Earnings History for State Street (NYSE:STT)

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