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

State Street (NYSE:STT) issued its earnings results on Tuesday. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12, Briefing.com reports. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter last year, the firm posted $2.17 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year.

State Street Stock Up 1.0 %

STT stock traded up $0.84 during mid-day trading on Thursday, hitting $86.18. 437,376 shares of the company were exchanged, compared to its average volume of 2,305,126. The company has a market capitalization of $25.96 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.41 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.61 and a debt-to-equity ratio of 0.89. State Street has a twelve month low of $62.78 and a twelve month high of $86.18. The firm has a fifty day simple moving average of $75.00 and a 200 day simple moving average of $74.60.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Shareholders of record on Monday, July 1st were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.20%. The ex-dividend date was Monday, July 1st. State Street’s dividend payout ratio is currently 51.69%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on STT shares. Wells Fargo & Company raised their target price on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday. Royal Bank of Canada lifted their price target on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday. The Goldman Sachs Group lifted their price target on shares of State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays lifted their price target on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of State Street from $75.00 to $80.00 and gave the stock a “hold” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $88.88.

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.