State Street (NYSE:STT) Issues Earnings Results, Beats Estimates By $0.31 EPS

State Street (NYSE:STT) announced its quarterly earnings results on Friday. The asset manager reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31, Zacks reports. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3,267,560 billion. During the same period in the prior year, the company earned $2.04 earnings per share. The firm’s revenue was up 12.1% on a year-over-year basis.

State Street Trading Down 3.0 %

STT opened at $97.51 on Friday. The stock’s fifty day moving average is $97.67 and its two-hundred day moving average is $89.35. The company has a market capitalization of $28.58 billion, a P/E ratio of 15.40, a PEG ratio of 0.97 and a beta of 1.43. State Street has a 52 week low of $70.20 and a 52 week high of $101.91. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.76 per share. The ex-dividend date was Thursday, January 2nd. This represents a $3.04 annualized dividend and a yield of 3.12%. State Street’s payout ratio is currently 48.03%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on STT. Deutsche Bank Aktiengesellschaft increased their price target on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Truist Financial initiated coverage on State Street in a research note on Tuesday, January 7th. They issued a “hold” rating and a $106.00 price objective for the company. Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. The Goldman Sachs Group raised their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Evercore ISI raised their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $100.33.

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is currently owned by company insiders.

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.