State Street (NYSE:STT) Posts Earnings Results, Beats Expectations By $0.06 EPS

State Street (NYSE:STT) posted its quarterly earnings results on Thursday. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06, RTT News reports. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period in the previous year, the firm earned $1.69 EPS.

State Street Stock Performance

Shares of State Street stock opened at $78.31 on Thursday. State Street has a 12 month low of $70.20 and a 12 month high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $22.60 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 1.11 and a beta of 1.42. The firm’s fifty day simple moving average is $89.91 and its 200-day simple moving average is $93.80.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend was Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is 36.89%.

Analyst Upgrades and Downgrades

STT has been the subject of several research analyst reports. Barclays lifted their price target on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Citigroup lowered their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target for the company in a report on Friday, December 20th. Finally, Truist Financial lowered their price target on shares of State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a report on Friday, April 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $103.69.

Insiders Place Their Bets

In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

A hedge fund recently bought a new stake in State Street stock. Brighton Jones LLC purchased a new position in State Street Co. (NYSE:STT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,012 shares of the asset manager’s stock, valued at approximately $296,000. Institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.