State Street (NYSE:STT) Announces Earnings Results, Beats Estimates By $0.06 EPS

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

State Street Stock Performance

Shares of State Street stock traded down $0.84 during trading on Thursday, reaching $78.80. The company’s stock had a trading volume of 651,721 shares, compared to its average volume of 2,137,544. The business’s fifty day moving average price is $89.91 and its 200-day moving average price is $93.80. State Street has a one year low of $70.20 and a one year high of $103.00. The firm has a market cap of $22.74 billion, a price-to-earnings ratio of 9.56, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors 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 dividend on an annualized basis and a yield of 3.86%. State Street’s payout ratio is presently 36.89%.

Analysts Set New Price Targets

STT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a report on Friday, December 20th. Bank of America boosted their target price on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research note on Wednesday, April 2nd. Wells Fargo & Company decreased their target price on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Citigroup decreased their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Morgan Stanley dropped their price target on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $103.69.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in State Street stock. Brighton Jones LLC acquired a new stake in State Street Co. (NYSE:STT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,012 shares of the asset manager’s stock, valued at approximately $296,000. 87.44% of the stock is currently owned by institutional investors.

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.