State Street (NYSE:STT) posted its earnings results on Monday. The asset manager reported $1.69 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.13, MarketWatch Earnings reports. The business had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.82 billion. State Street had a net margin of 20.75% and a return on equity of 12.24%. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.98 earnings per share.
NYSE STT traded down $1.73 during trading hours on Wednesday, hitting $76.67. The company’s stock had a trading volume of 114,494 shares, compared to its average volume of 2,426,376. The stock has a fifty day moving average of $74.05 and a 200 day moving average of $67.41. State Street has a twelve month low of $42.10 and a twelve month high of $82.69. The firm has a market capitalization of $27.05 billion, a P/E ratio of 11.64, a PEG ratio of 1.11 and a beta of 1.60. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.60.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 19th. Investors of record on Monday, January 4th were issued a $0.52 dividend. The ex-dividend date of this dividend was Thursday, December 31st. This represents a $2.08 annualized dividend and a yield of 2.71%. State Street’s dividend payout ratio is currently 33.71%.
Several analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of State Street from a “hold” rating to a “buy” rating and upped their price objective for the stock from $67.00 to $80.00 in a research note on Wednesday, November 11th. UBS Group decreased their price objective on shares of State Street from $64.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 6th. Piper Sandler upped their price objective on shares of State Street from $69.00 to $81.00 and gave the stock a “neutral” rating in a research note on Monday, January 11th. Morgan Stanley upped their price objective on shares of State Street from $99.00 to $101.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 16th. Finally, Barclays upped their target price on shares of State Street from $85.00 to $99.00 and gave the stock an “overweight” rating in a research report on Monday, January 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. State Street currently has an average rating of “Hold” and a consensus price target of $79.81.
State Street Company Profile
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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