State Street (NYSE:STT) Announces Earnings Results, Beats Estimates By $0.21 EPS

Key Points

• State Street reported quarterly earnings of $2.78 per share, exceeding the consensus estimate of $2.57 by $0.21.
• The company's stock price saw a decline of 3.3% following the earnings announcement.
• Analysts have varying ratings on State Street, with an average rating of "Moderate Buy" and a target price of $122.83.

State Street (NYSE:STT - Get Free Report) announced its quarterly earnings data on Friday. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21, RTT News reports. State Street had a return on equity of 12.96% and a net margin of 12.59%.During the same period last year, the company earned $2.26 earnings per share.

State Street Stock Down 3.3%

State Street stock opened at $112.87 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street has a one year low of $72.81 and a one year high of $118.24. The company has a 50-day simple moving average of $113.60 and a 200-day simple moving average of $102.88. The firm has a market capitalization of $32.02 billion, a P/E ratio of 12.64, a P/E/G ratio of 1.20 and a beta of 1.46.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. BMO Capital Markets began coverage on State Street in a report on Friday, October 3rd. They issued an "outperform" rating and a $130.00 price target for the company. TD Cowen initiated coverage on shares of State Street in a report on Thursday, September 25th. They issued a "buy" rating for the company. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Finally, Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $122.83.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by insiders.

Institutional Trading of State Street

Large investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC raised its stake in State Street by 22.2% during the 2nd quarter. Advisory Services Network LLC now owns 12,466 shares of the asset manager's stock valued at $1,393,000 after acquiring an additional 2,266 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in State Street by 20.7% in the second quarter. Geneos Wealth Management Inc. now owns 1,490 shares of the asset manager's stock worth $158,000 after purchasing an additional 256 shares during the period. Evergreen Capital Management LLC lifted its holdings in State Street by 3.8% in the second quarter. Evergreen Capital Management LLC now owns 12,829 shares of the asset manager's stock worth $1,364,000 after purchasing an additional 465 shares during the period. Tower Research Capital LLC TRC grew its position in State Street by 31.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 13,748 shares of the asset manager's stock valued at $1,462,000 after buying an additional 3,294 shares in the last quarter. Finally, Security National Bank of SO Dak increased its stake in State Street by 0.5% during the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager's stock valued at $2,289,000 after buying an additional 105 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.

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