State Street (NYSE:STT) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS
State Street (NYSE:STT) posted its earnings results on Friday. The asset manager reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.05, Briefing.com reports. State Street had a net margin of 17.66% and a return on equity of 12.13%. The business had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.86 billion. During the same period in the prior year, the company posted $2.05 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis.
NYSE:STT opened at $60.08 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.48 and a quick ratio of 0.45. The stock has a market cap of $22.42 billion, a PE ratio of 8.32, a P/E/G ratio of 0.96 and a beta of 1.40. The business’s 50 day moving average is $55.79. State Street has a fifty-two week low of $53.53 and a fifty-two week high of $90.20.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 16th. Investors of record on Monday, July 1st were given a dividend of $0.47 per share. The ex-dividend date was Friday, June 28th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.13%. State Street’s payout ratio is currently 26.04%.
A number of hedge funds have recently modified their holdings of STT. FMR LLC boosted its position in State Street by 35.9% in the 4th quarter. FMR LLC now owns 18,222,073 shares of the asset manager’s stock valued at $1,149,266,000 after buying an additional 4,816,904 shares during the period. Norges Bank purchased a new position in State Street in the 4th quarter valued at approximately $257,096,000. Barrow Hanley Mewhinney & Strauss LLC boosted its position in State Street by 22.5% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,693,222 shares of the asset manager’s stock valued at $422,141,000 after buying an additional 1,229,589 shares during the period. BlackRock Inc. boosted its position in State Street by 3.6% in the 1st quarter. BlackRock Inc. now owns 28,060,332 shares of the asset manager’s stock valued at $1,846,653,000 after buying an additional 985,011 shares during the period. Finally, Coho Partners Ltd. boosted its position in State Street by 44.3% in the 1st quarter. Coho Partners Ltd. now owns 2,821,105 shares of the asset manager’s stock valued at $185,657,000 after buying an additional 866,392 shares during the period. 89.59% of the stock is owned by institutional investors.
Several research firms have recently issued reports on STT. Zacks Investment Research raised shares of Investar from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research note on Tuesday, June 4th. Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the company a “hold” rating in a report on Monday, July 8th. Royal Bank of Canada cut their price objective on shares of from GBX 845 ($11.04) to GBX 800 ($10.45) and set an “outperform” rating for the company in a report on Wednesday, June 19th. Buckingham Research cut their price objective on shares of State Street from $83.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, June 12th. Finally, UBS Group increased their price objective on shares of T. Rowe Price Group from $109.00 to $111.00 and gave the company a “neutral” rating in a report on Monday, July 8th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $70.52.
About State Street
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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