State Street (NYSE:STT) Announces Quarterly Earnings Results, Beats Expectations By $0.33 EPS

State Street (NYSE:STT) issued its earnings results on Friday. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.51 by $0.33, FiscalAI reports. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion.

State Street Trading Down 0.6%

Shares of STT stock opened at $141.86 on Friday. The firm has a 50 day moving average price of $128.43 and a two-hundred day moving average price of $124.71. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $39.30 billion, a PE ratio of 15.08, a price-to-earnings-growth ratio of 0.92 and a beta of 1.37. State Street has a 12-month low of $75.50 and a 12-month high of $144.48.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were given a dividend of $0.84 per share. The ex-dividend date was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.4%. State Street’s dividend payout ratio (DPR) is 35.71%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. TD Cowen reiterated a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Citigroup began coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price objective for the company. Finally, Keefe, Bruyette & Woods raised their price objective on shares of State Street from $147.00 to $157.00 and gave the stock an “outperform” rating in a research report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $140.50.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

A number of hedge funds and other institutional investors have recently made changes to their positions in STT. Regents of The University of California raised its position in State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Pinebridge Investments LLC acquired a new position in State Street during the fourth quarter valued at approximately $178,705,000. Two Sigma Investments LP raised its position in State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after purchasing an additional 880,507 shares in the last quarter. First Trust Advisors LP grew its stake in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after buying an additional 835,331 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of State Street by 157.5% during the third quarter. Qube Research & Technologies Ltd now owns 863,666 shares of the asset manager’s stock worth $100,194,000 after buying an additional 528,246 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.