State Street (NYSE:STT) Releases Earnings Results, Beats Estimates By $0.14 EPS

State Street (NYSE:STT) issued its quarterly earnings results on Tuesday. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14, Briefing.com reports. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the previous year, the company earned $1.93 EPS. The company’s revenue for the quarter was up 21.1% on a year-over-year basis.

State Street Price Performance

NYSE STT opened at $91.82 on Wednesday. The company has a market cap of $27.66 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 1.30 and a beta of 1.48. State Street has a 52 week low of $62.78 and a 52 week high of $94.60. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm’s 50-day simple moving average is $85.00 and its two-hundred day simple moving average is $79.26.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.76 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a yield of 3.31%. State Street’s dividend payout ratio is 56.93%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Wolfe Research restated an “underperform” rating and set a $73.00 price target on shares of State Street in a research note on Monday, July 8th. Keefe, Bruyette & Woods decreased their price target on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Barclays boosted their price target on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Bank of America boosted their price target on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $90.11.

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.