State Street (NYSE:STT) Posts Earnings Results

by · The Markets Daily

State Street (NYSE:STT – Get Free Report) issued its earnings results on Friday. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31, Zacks reports. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3,267,560 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.04 EPS.

State Street Stock Performance

Shares of NYSE:STT opened at $100.46 on Friday. The firm’s 50 day simple moving average is $97.56 and its 200 day simple moving average is $89.28. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The company has a market capitalization of $29.45 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 0.97 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street Dividend Announcement

The business also recently announced 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. This represents a $3.04 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is currently 48.03%.

Insider Activity at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on STT shares. Morgan Stanley decreased their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research report on Friday, December 20th. Truist Financial assumed coverage on State Street in a research report on Tuesday, January 7th. They issued a “hold” rating and a $106.00 price objective for the company. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $100.33.

View Our Latest Stock Report on STT

State Street Company Profile

(Get Free Report)

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.

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