State Street Corp (NYSE:STT) – Equities researchers at Piper Sandler increased their Q3 2020 earnings per share (EPS) estimates for shares of State Street in a note issued to investors on Wednesday, July 8th. Piper Sandler analyst J. Harte now anticipates that the asset manager will earn $1.36 per share for the quarter, up from their previous estimate of $1.24. Piper Sandler also issued estimates for State Street’s Q4 2020 earnings at $1.47 EPS, FY2020 earnings at $6.07 EPS, Q1 2021 earnings at $1.19 EPS, Q2 2021 earnings at $1.56 EPS and FY2021 earnings at $6.09 EPS.

A number of other research firms have also recently issued reports on STT. ValuEngine cut shares of State Street from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 2nd. Royal Bank of Canada reissued a “hold” rating and issued a $70.00 price target on shares of State Street in a research note on Sunday, April 19th. Wolfe Research lowered State Street from an “outperform” rating to a “peer perform” rating and set a $72.00 price objective on the stock. in a report on Thursday, July 9th. Seaport Global Securities began coverage on State Street in a report on Wednesday, July 8th. They issued a “buy” rating and a $83.00 price objective on the stock. Finally, Wells Fargo & Co raised their price objective on State Street from $61.00 to $75.00 in a report on Friday, June 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. State Street has a consensus rating of “Hold” and a consensus price target of $75.94.

State Street stock opened at $64.59 on Monday. The company’s fifty day moving average price is $63.76 and its 200 day moving average price is $65.75. State Street has a 1 year low of $42.10 and a 1 year high of $85.89. The stock has a market capitalization of $22.57 billion, a P/E ratio of 10.43, a P/E/G ratio of 1.13 and a beta of 1.53. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.27. State Street had a net margin of 19.13% and a return on equity of 12.36%. The firm had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same quarter last year, the company earned $1.24 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year.

Large investors have recently modified their holdings of the stock. Victory Capital Management Inc. raised its stake in shares of State Street by 7.3% during the fourth quarter. Victory Capital Management Inc. now owns 376,575 shares of the asset manager’s stock worth $29,787,000 after purchasing an additional 25,768 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in State Street during the fourth quarter worth about $368,000. Blair William & Co. IL lifted its position in State Street by 30.2% during the fourth quarter. Blair William & Co. IL now owns 10,917 shares of the asset manager’s stock worth $864,000 after buying an additional 2,529 shares during the period. Toronto Dominion Bank lifted its position in State Street by 10.3% during the fourth quarter. Toronto Dominion Bank now owns 262,909 shares of the asset manager’s stock worth $20,793,000 after buying an additional 24,608 shares during the period. Finally, Pinebridge Investments L.P. lifted its position in State Street by 19.2% during the fourth quarter. Pinebridge Investments L.P. now owns 40,791 shares of the asset manager’s stock worth $3,227,000 after buying an additional 6,580 shares during the period. 89.66% of the stock is owned by hedge funds and other institutional investors.

In related news, CAO Ian Appleyard sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $64.61, for a total transaction of $323,050.00. Following the completion of the sale, the chief accounting officer now directly owns 16,859 shares of the company’s stock, valued at approximately $1,089,259.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.28% of the stock is owned by insiders.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 16th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.52 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.08 annualized dividend and a dividend yield of 3.22%. State Street’s dividend payout ratio is presently 33.71%.

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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Earnings History and Estimates for State Street (NYSE:STT)

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