State Street (NYSE:STT) Posts Quarterly Earnings Results, Beats Estimates By $0.12 EPS

State Street (NYSE:STT) posted its quarterly earnings results on Tuesday. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12, Briefing.com reports. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period last year, the company earned $2.17 EPS.

State Street Trading Up 7.4 %

Shares of NYSE:STT opened at $84.82 on Wednesday. State Street has a 12-month low of $62.78 and a 12-month high of $84.83. The stock has a market cap of $25.55 billion, a PE ratio of 15.88, a P/E/G ratio of 1.31 and a beta of 1.48. The business has a 50 day moving average of $74.80 and a 200-day moving average of $74.53. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 0.90.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Stockholders of record on Monday, July 1st were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Monday, July 1st. State Street’s dividend payout ratio is presently 51.69%.

Analysts Set New Price Targets

Several research firms have weighed in on STT. Evercore ISI reiterated an “outperform” rating and set a $88.00 target price on shares of State Street in a report on Wednesday, July 3rd. Morgan Stanley reissued an “equal weight” rating and issued a $90.00 price target on shares of State Street in a research note on Wednesday, June 12th. JPMorgan Chase & Co. lifted their target price on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Keefe, Bruyette & Woods lowered their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research report on Thursday, June 27th. Finally, UBS Group lifted their target price on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $83.11.

About State Street

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.