State Street (NYSE:STT) Announces Earnings Results

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

State Street Stock Performance

Shares of STT traded down $2.98 on Friday, reaching $97.51. 4,204,955 shares of the stock traded hands, compared to its average volume of 1,658,874. The stock's 50-day moving average price is $97.72 and its 200-day moving average price is $89.52. 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 firm has a market cap 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. State Street has a 12 month low of $70.20 and a 12 month high of $101.91.

State Street Announces Dividend

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

Wall Street Analyst Weigh In

STT has been the subject of several research reports. Truist Financial initiated coverage on shares of State Street in a report on Tuesday, January 7th. They set a "hold" rating and a $106.00 price target for the company. Keefe, Bruyette & Woods raised shares of State Street from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Morgan Stanley dropped their price target on shares of State Street from $139.00 to $132.00 and set an "overweight" rating on the stock in a research note on Friday, January 3rd. Barclays increased their price objective on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Evercore ISI boosted their target price on State Street from $89.00 to $94.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, State Street currently has an average rating of "Hold" and a consensus price target of $100.33.

Insiders Place Their Bets

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.31% of the company's stock.

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.