State Street (NYSE:STT) Releases Earnings Results, Beats Estimates By $0.01 EPS

State Street (NYSE:STT) issued its earnings results on Wednesday. The asset manager reported $3.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.68 by $0.01, FiscalAI reports. The business had revenue of $4 billion during the quarter, compared to analysts’ expectations of $4.03 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.

State Street Stock Down 0.6%

Shares of NYSE STT opened at $173.94 on Wednesday. The firm’s 50-day simple moving average is $185.34 and its 200 day simple moving average is $168.99. The company has a market cap of $47.78 billion, a price-to-earnings ratio of 14.29, a price-to-earnings-growth ratio of 0.83 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street has a 12-month low of $104.64 and a 12-month high of $195.93.

Analyst Upgrades and Downgrades

Several analysts recently commented on STT shares. The Goldman Sachs Group boosted their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Truist Financial lowered their price target on State Street from $191.00 to $190.00 and set a “hold” rating on the stock in a research report on Tuesday, October 6th. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Weiss Ratings cut State Street from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, October 6th. Finally, Capital One Financial set a $200.00 price objective on State Street in a report on Tuesday, October 6th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $193.38.

Insider Transactions at State Street

In other State Street news, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by corporate insiders.

About State Street

State Street Corporation (NYSE: STT) is a financial services company that provides institutional investors, asset managers, asset owners, insurance companies, official institutions and other organizations with investment servicing, investment management and related financial services. Its offerings include custody and fund administration, accounting, transfer agency, collateral management, securities lending, foreign exchange, trading and other capital markets services.

Through State Street Investment Management, the company manages investment strategies and offers products such as exchange-traded funds, index strategies, active strategies and other portfolio solutions.