State Street (NYSE:STT) Releases Earnings Results

State Street (NYSE:STT) posted its earnings results on Friday. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.51 by $0.33, FiscalAI reports. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%.

State Street Stock Performance

Shares of State Street stock opened at $141.86 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street has a twelve month low of $75.50 and a twelve month high of $144.48. The stock has a market cap of $39.30 billion, a price-to-earnings ratio of 15.08, a P/E/G ratio of 0.92 and a beta of 1.37. The company’s fifty day moving average is $128.43 and its 200 day moving average is $124.71.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were paid a $0.84 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. State Street’s payout ratio is currently 35.71%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on STT shares. Morgan Stanley decreased their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Truist Financial set a $136.00 target price on shares of State Street in a research note on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of State Street from $147.00 to $157.00 and gave the stock an “outperform” rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $140.50.

Insider Buying and Selling at State Street

In related news, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction 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 sale, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Regents of The University of California lifted its holdings in State Street by 211.2% in 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 buying an additional 5,908,370 shares during the period. Morgan Stanley lifted its holdings in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after buying an additional 433,201 shares during the period. First Trust Advisors LP lifted its holdings in State Street by 30.4% in the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after buying an additional 835,331 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in State Street by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,950,025 shares of the asset manager’s stock valued at $251,573,000 after buying an additional 22,301 shares during the period. Finally, Pinebridge Investments LLC acquired a new position in shares of State Street during the fourth quarter valued at about $178,705,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.