State Street (NYSE:STT) issued its earnings results on Friday. The asset manager reported $1.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.41 by $0.04, RTT News reports. The company had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.76 billion. State Street had a return on equity of 12.74% and a net margin of 20.27%. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.51 EPS.
STT opened at $66.95 on Friday. The stock’s 50-day moving average price is $64.02 and its 200 day moving average price is $62.46. State Street has a 12-month low of $42.10 and a 12-month high of $85.89. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.70. The firm has a market cap of $23.59 billion, a price-to-earnings ratio of 10.10, a PEG ratio of 1.09 and a beta of 1.52.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Thursday, October 1st were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend was Wednesday, September 30th. State Street’s payout ratio is 33.71%.
In other State Street news, EVP Michael L. Richards sold 379 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $70.35, for a total value of $26,662.65. Following the sale, the executive vice president now owns 20,180 shares of the company’s stock, valued at approximately $1,419,663. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Lehner sold 500 shares of the 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 completion of the sale, the executive vice president now directly owns 23,860 shares in the company, valued at approximately $1,516,303. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate insiders.
Several analysts have issued reports on the company. UBS Group dropped their target price on State Street from $64.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, October 6th. Bank of America dropped their target price on State Street from $71.00 to $70.00 and set a “buy” rating for the company in a report on Monday, July 20th. Credit Suisse Group upped their target price on State Street from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Morgan Stanley dropped their target price on State Street from $69.00 to $66.00 and set an “underweight” rating for the company in a report on Monday, October 5th. Finally, Zacks Investment Research upgraded State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 target price for the company in a report on Tuesday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. State Street has an average rating of “Hold” and an average target price of $75.89.
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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