State Street (NYSE:STT) Issues Earnings Results, Beats Expectations By $0.04 EPS

State Street (NYSE:STT) released its quarterly earnings data on Friday. The asset manager reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.04, MarketWatch Earnings reports. The firm had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $2.76 billion. State Street had a net margin of 20.27% and a return on equity of 12.74%. The firm’s revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.51 earnings per share.

Shares of NYSE:STT opened at $66.58 on Friday. The company has a market cap of $23.46 billion, a P/E ratio of 10.04, a P/E/G ratio of 1.09 and a beta of 1.52. 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 52 week low of $42.10 and a 52 week high of $85.89. The business has a fifty day simple moving average of $64.00 and a 200-day simple moving average of $62.55.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Wednesday, September 30th. State Street’s dividend payout ratio is currently 33.71%.

STT has been the topic of a number of research analyst reports. Wolfe Research downgraded shares of State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 price objective on the stock. in a report on Thursday, July 9th. Seaport Global Securities initiated coverage on State Street in a research report on Wednesday, July 8th. They set a “buy” rating and a $83.00 price objective for the company. Deutsche Bank Aktiengesellschaft lowered their target price on State Street from $68.00 to $67.00 and set a “hold” rating on the stock in a report on Thursday, July 9th. Credit Suisse Group raised their price target on State Street from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Bank of America dropped their price target on State Street from $71.00 to $70.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $75.89.

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

About State Street

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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