State Street (NYSE:STT) Posts Quarterly Earnings Results, Beats Estimates By $0.31 EPS

State Street (NYSE:STT - Get Free Report) posted its earnings results on Friday. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31, Zacks reports. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3,267,560 billion. During the same period in the previous year, the company earned $2.04 EPS. The company's revenue for the quarter was up 12.1% on a year-over-year basis.

State Street Price Performance

Shares of STT traded down $2.98 during trading hours on Friday, hitting $97.51. The stock had a trading volume of 4,204,955 shares, compared to its average volume of 1,658,874. The stock has a market capitalization of $28.58 billion, a price-to-earnings ratio of 15.40, a P/E/G ratio of 0.97 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The company's fifty day moving average is $97.67 and its two-hundred day moving average is $89.35. State Street has a 52 week low of $70.20 and a 52 week high of $101.91.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were paid a $0.76 dividend. The ex-dividend date was Thursday, January 2nd. This represents a $3.04 annualized dividend and a dividend yield of 3.12%. State Street's dividend payout ratio is presently 48.03%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on STT. JPMorgan Chase & Co. upgraded shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. Morgan Stanley lowered their price target on State Street from $139.00 to $132.00 and set an "overweight" rating on the stock in a research report on Friday, January 3rd. Keefe, Bruyette & Woods raised State Street from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Barclays raised their target price on State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group upped their price target on State Street from $98.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $100.33.

Insider Activity at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the firm's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares of the company's stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.31% of the stock is currently owned by insiders.

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.