State Street (NYSE:STT) Announces Quarterly Earnings Results, Beats Estimates By $0.35 EPS

State Street (NYSE:STT) released its earnings results on Thursday. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.35, FiscalAI reports. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%.

State Street Price Performance

NYSE:STT opened at $186.88 on Thursday. The company has a 50-day moving average of $164.44 and a 200-day moving average of $143.46. The company has a market capitalization of $51.72 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 0.95 and a beta of 1.42. State Street has a 52 week low of $102.81 and a 52 week high of $186.99. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is currently 34.08%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on STT shares. Seaport Research Partners reissued a “buy” rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. JPMorgan Chase & Co. lifted their price target on State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. Wells Fargo & Company increased their price objective on State Street from $171.00 to $196.00 and gave the company an “overweight” rating in a research report on Wednesday, June 24th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Keefe, Bruyette & Woods upped their target price on shares of State Street from $175.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $173.91.

Insider Buying and Selling at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 37,876 shares of company stock worth $5,866,583. Insiders own 0.27% of the company’s stock.

Institutional Trading of State Street

Several institutional investors have recently bought and sold shares of the stock. Compound Planning Inc. lifted its holdings in shares of State Street by 47.6% during the fourth quarter. Compound Planning Inc. now owns 7,455 shares of the asset manager’s stock valued at $962,000 after acquiring an additional 2,403 shares during the period. Axxcess Wealth Management LLC bought a new stake in shares of State Street in the 4th quarter worth about $240,000. Corient Private Wealth LLC increased its position in shares of State Street by 48.2% during the 4th quarter. Corient Private Wealth LLC now owns 269,935 shares of the asset manager’s stock worth $34,824,000 after purchasing an additional 87,829 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of State Street by 5.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 206,917 shares of the asset manager’s stock worth $26,694,000 after purchasing an additional 11,095 shares in the last quarter. Finally, Beacon Pointe Advisors LLC lifted its holdings in State Street by 25.1% during the 4th quarter. Beacon Pointe Advisors LLC now owns 4,146 shares of the asset manager’s stock valued at $535,000 after purchasing an additional 832 shares during the last quarter. 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.