State Street (NYSE:STT) Releases Quarterly Earnings Results, Beats Estimates By $0.35 EPS

State Street (NYSE:STT) issued its earnings results on Thursday. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.35, FiscalAI reports. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion.

State Street Trading Up 1.8%

NYSE STT opened at $186.88 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market cap of $51.72 billion, a PE ratio of 18.95, a P/E/G ratio of 0.95 and a beta of 1.42. State Street has a one year low of $102.81 and a one year high of $186.99. The firm’s fifty day moving average is $164.44 and its two-hundred day moving average is $143.46.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is 34.08%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 over the last three months. 0.27% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On State Street

Large investors have recently modified their holdings of the stock. JPL Wealth Management LLC acquired a new stake in shares of State Street during the third quarter worth $29,000. Wilkerson Advisory Group LLC purchased a new position in State Street in the 4th quarter valued at $29,000. Measured Wealth Private Client Group LLC acquired a new position in State Street in the 3rd quarter valued at $35,000. Transamerica Financial Advisors LLC raised its position in State Street by 78.2% during the 4th quarter. Transamerica Financial Advisors LLC now owns 344 shares of the asset manager’s stock worth $44,000 after buying an additional 151 shares during the last quarter. Finally, DV Equities LLC purchased a new position in State Street during the 4th quarter worth $51,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research reports. Citigroup boosted their price target on shares of State Street from $172.00 to $193.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Seaport Research Partners reiterated a “buy” rating and set a $170.00 target price on shares of State Street in a research report on Monday, April 20th. Barclays set a $165.00 target price on State Street in a report on Monday, April 20th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Finally, JPMorgan Chase & Co. raised their price target on State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $173.91.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.