State Street (NYSE:STT) Announces Earnings Results, Beats Estimates By $0.04 EPS

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

Shares of State Street stock opened at $66.58 on Friday. 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 business’s 50 day simple moving average is $64.00 and its 200-day simple moving average is $62.55. The stock has a market capitalization of $23.46 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 1.09 and a beta of 1.52. State Street has a twelve month low of $42.10 and a twelve month high of $85.89.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Thursday, October 1st were given a dividend of $0.52 per share. 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 payout ratio is 33.71%.

STT has been the subject of a number of analyst reports. Wolfe Research downgraded State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 price target for the company. in a report on Thursday, July 9th. Bank of America reduced their price target on State Street from $71.00 to $70.00 and set a “buy” rating for the company in a report on Monday, July 20th. Zacks Investment Research raised State Street from a “hold” rating to a “strong-buy” rating and set a $72.00 target price on the stock in a report on Tuesday, July 28th. ValuEngine downgraded State Street from a “sell” rating to a “strong sell” rating in a report on Thursday, October 1st. Finally, Deutsche Bank Aktiengesellschaft reduced 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. 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 assigned a strong buy rating to the stock. State Street has a consensus rating of “Hold” and a consensus target price of $75.89.

In related news, EVP John Lehner sold 500 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The stock was 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 in the company, valued at approximately $1,516,303. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 379 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were 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 in the company, valued at $1,419,663. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by corporate 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.

See Also: Trade War

Earnings History for State Street (NYSE:STT)

Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.