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

State Street (NYSE:STT - Get Free Report) announced its quarterly earnings data on Thursday. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.98 by $0.06, RTT News reports. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same period in the prior year, the company earned $1.69 EPS.

State Street Stock Up 2.2 %

Shares of NYSE STT traded up $1.76 during midday trading on Friday, reaching $81.39. 5,521,939 shares of the company's stock traded hands, compared to its average volume of 2,182,146. The company has a market cap of $23.49 billion, a price-to-earnings ratio of 9.88, a P/E/G ratio of 1.11 and a beta of 1.42. The stock's 50 day simple moving average is $89.24 and its 200-day simple moving average is $93.77. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a one year low of $70.20 and a one year high of $103.00.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, April 1st. State Street's payout ratio is 34.12%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley cut their price objective on shares of State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a research note on Wednesday, April 2nd. StockNews.com lowered State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Barclays raised their target price on shares of State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group set a $98.00 price target on shares of State Street and gave the stock a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $103.54.

Insider Buying and Selling at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction dated 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 transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On State Street

An institutional investor recently bought a new position in State Street stock. Brighton Jones LLC acquired a new stake in State Street Co. (NYSE:STT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,012 shares of the asset manager's stock, valued at approximately $296,000. Institutional investors own 87.44% of the company's stock.

State Street Company Profile

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.