State Street (NYSE:STT) Issues Earnings Results

State Street (NYSE:STT) announced its quarterly earnings data on Thursday. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06, RTT News reports. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same quarter last year, the company posted $1.69 earnings per share.

State Street Stock Performance

Shares of NYSE STT traded down $0.84 during midday trading on Thursday, reaching $78.80. 651,721 shares of the company traded hands, compared to its average volume of 2,137,544. The company has a market cap of $22.74 billion, a price-to-earnings ratio of 9.56, a PEG ratio of 1.11 and a beta of 1.42. The stock has a 50-day moving average price of $89.91 and a 200 day moving average price of $93.80. State Street has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.86%. State Street’s payout ratio is 36.89%.

Insider Activity at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

Hedge Funds Weigh In On State Street

An institutional investor recently bought a new position in State Street stock. Brighton Jones LLC bought a new position in shares of State Street Co. (NYSE:STT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,012 shares of the asset manager’s stock, valued at approximately $296,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the topic of several research reports. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Morgan Stanley dropped their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Wells Fargo & Company decreased their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Finally, Bank of America increased their price objective on shares of State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $103.69.

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.