State Street (NYSE:STT) issued its earnings results on Tuesday. The asset manager reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.14, Bloomberg Earnings reports. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.98 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The firm’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.48 earnings per share.
State Street (NYSE:STT) opened at $108.99 on Tuesday. The company has a market cap of $39,905.74, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 1.39 and a beta of 1.36. State Street has a one year low of $74.45 and a one year high of $109.10. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd were paid a $0.42 dividend. The ex-dividend date was Friday, December 29th. This represents a $1.68 annualized dividend and a yield of 1.54%. State Street’s dividend payout ratio is currently 29.12%.
In other news, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Joseph L. Hooley sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The disclosure for this sale can be found here. Insiders sold 28,724 shares of company stock worth $2,659,741 over the last quarter. 0.71% of the stock is currently owned by insiders.
Several brokerages recently weighed in on STT. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating and set a $109.00 target price on the stock. in a report on Friday, January 5th. ValuEngine cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, November 10th. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Wednesday, January 10th. Barclays raised their target price on shares of State Street from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $114.00 target price on shares of State Street in a report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $101.13.
State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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