State Street (NYSE:STT) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

State Street (NYSE:STT) posted its earnings results on Tuesday. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14, Briefing.com reports. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the firm earned $1.93 EPS. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year.

State Street Stock Up 1.2 %

Shares of State Street stock opened at $92.93 on Thursday. State Street has a 12 month low of $62.78 and a 12 month high of $94.60. The business has a fifty day simple moving average of $85.33 and a 200 day simple moving average of $79.35. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a market cap of $28.00 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Citigroup upped their target price on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Evercore ISI upped their target price on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft upped their target price on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a report on Monday, September 23rd. Wells Fargo & Company upped their target price on shares of State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Bank of America increased their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $91.39.

About State Street

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.