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

State Street (NYSE:STT) posted its earnings results on Friday. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31, Zacks reports. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3,267,560 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. State Street’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the company earned $2.04 EPS.

State Street Stock Up 0.7 %

State Street stock opened at $100.46 on Friday. State Street has a twelve month low of $70.20 and a twelve month high of $101.91. The stock has a market cap of $29.45 billion, a P/E ratio of 15.87, a P/E/G ratio of 0.97 and a beta of 1.43. The company’s 50-day moving average price is $97.56 and its two-hundred day moving average price is $89.28. 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 business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s payout ratio is 48.03%.

Analyst Ratings Changes

STT has been the subject of several research reports. Wells Fargo & Company lifted their target price on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, January 2nd. Keefe, Bruyette & Woods upgraded shares of 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. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. The Goldman Sachs Group upped their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Truist Financial assumed coverage on shares of State Street in a research note on Tuesday, January 7th. They set a “hold” rating and a $106.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.33.

Insider Activity

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were 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 represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.31% of the stock is owned by company insiders.

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.