State Street (NYSE:STT) issued its quarterly earnings results on Friday, January 18th. The asset manager reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.01, Bloomberg Earnings reports. State Street had a net margin of 20.05% and a return on equity of 14.44%. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.96 billion. During the same period last year, the business earned $1.61 EPS. The business’s quarterly revenue was up 4.9% on a year-over-year basis.
STT stock traded down $0.80 during midday trading on Friday, reaching $68.96. The company had a trading volume of 2,686,204 shares, compared to its average volume of 3,326,807. The company has a market cap of $26.17 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 1.16 and a beta of 1.36. State Street has a 1-year low of $57.87 and a 1-year high of $110.33. The company has a quick ratio of 0.50, a current ratio of 0.53 and a debt-to-equity ratio of 0.53.
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 16th. Investors of record on Wednesday, January 2nd were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Monday, December 31st. State Street’s dividend payout ratio (DPR) is presently 26.04%.
STT has been the subject of several analyst reports. Wells Fargo & Co decreased their target price on shares of State Street from $92.00 to $82.00 and set an “outperform” rating for the company in a research note on Thursday, December 6th. Zacks Investment Research cut shares of State Street from a “hold” rating to a “strong sell” rating in a research report on Monday, January 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $72.00 price objective on shares of State Street in a research report on Thursday, December 13th. Credit Suisse Group reduced their price objective on shares of State Street from $80.00 to $75.00 and set a “neutral” rating for the company in a research report on Tuesday, January 22nd. Finally, Raymond James raised shares of State Street from a “market perform” rating to a “strong-buy” rating and set a $82.00 price objective for the company in a research report on Monday, January 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $87.36.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. grew its position in State Street by 19.2% in the fourth quarter. BlackRock Inc. now owns 27,075,321 shares of the asset manager’s stock valued at $1,707,639,000 after acquiring an additional 4,355,656 shares during the last quarter. Longview Partners Guernsey LTD grew its position in State Street by 40.5% in the third quarter. Longview Partners Guernsey LTD now owns 11,202,851 shares of the asset manager’s stock valued at $938,575,000 after acquiring an additional 3,230,396 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in State Street by 6,371.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,604,034 shares of the asset manager’s stock valued at $41,000 after acquiring an additional 2,563,798 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in State Street by 7.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 27,934,535 shares of the asset manager’s stock valued at $2,340,355,000 after acquiring an additional 1,830,069 shares during the last quarter. Finally, Yacktman Asset Management LP grew its position in State Street by 147.5% in the fourth quarter. Yacktman Asset Management LP now owns 2,434,861 shares of the asset manager’s stock valued at $153,567,000 after acquiring an additional 1,451,061 shares during the last quarter. 87.43% of the stock is 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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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