State Street (NYSE:STT) Announces Quarterly Earnings Results

Posted by Defense World Staff on Jul 17th, 2023

State Street (NYSE:STT – Get Free Report) issued its quarterly earnings results on Friday. The asset manager reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.09, MarketWatch Earnings reports. The company had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.14 billion. State Street had a net margin of 16.99% and a return on equity of 12.20%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.94 earnings per share.

State Street Stock Performance

Shares of STT opened at $68.10 on Monday. The company has a 50-day moving average of $71.41 and a two-hundred day moving average of $77.79. The stock has a market cap of $22.76 billion, a P/E ratio of 9.20, a PEG ratio of 1.30 and a beta of 1.56. State Street has a 12-month low of $58.62 and a 12-month high of $94.74. The company has a current ratio of 0.51, a quick ratio of 0.52 and a debt-to-equity ratio of 0.77.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 13th. Investors of record on Monday, July 3rd were paid a $0.63 dividend. The ex-dividend date of this dividend was Friday, June 30th. This represents a $2.52 dividend on an annualized basis and a yield of 3.70%. State Street’s payout ratio is 34.05%.

Insider Transactions at State Street

In related news, CFO Eric W. Aboaf sold 11,899 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $68.28, for a total value of $812,463.72. Following the sale, the chief financial officer now owns 157,860 shares of the company’s stock, valued at approximately $10,778,680.80. The transaction was disclosed in a filing with the SEC, which is available through this link. In other State Street news, EVP Michael L. Richards sold 1,814 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $68.17, for a total transaction of $123,660.38. Following the transaction, the executive vice president now owns 33,197 shares of the company’s stock, valued at approximately $2,263,039.49. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Eric W. Aboaf sold 11,899 shares of the stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $68.28, for a total value of $812,463.72. Following the transaction, the chief financial officer now owns 157,860 shares in the company, valued at $10,778,680.80. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of STT. Fluent Financial LLC grew its holdings in State Street by 10.5% in the second quarter. Fluent Financial LLC now owns 3,384 shares of the asset manager’s stock valued at $248,000 after purchasing an additional 321 shares during the period. Counterpoint Mutual Funds LLC acquired a new stake in shares of State Street during the 2nd quarter worth $117,000. HB Wealth Management LLC raised its position in shares of State Street by 8.5% in the 2nd quarter. HB Wealth Management LLC now owns 3,209 shares of the asset manager’s stock worth $235,000 after buying an additional 251 shares during the period. Triangle Securities Wealth Management acquired a new position in State Street in the second quarter valued at $231,000. Finally, NovaPoint Capital LLC grew its position in State Street by 1.5% during the second quarter. NovaPoint Capital LLC now owns 40,352 shares of the asset manager’s stock valued at $2,953,000 after acquiring an additional 582 shares during the period. Institutional investors and hedge funds own 89.39% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays dropped their price target on shares of State Street from $100.00 to $87.00 in a research note on Sunday. Evercore ISI lowered their price objective on State Street from $80.00 to $75.00 in a research report on Friday, May 12th. Citigroup reduced their target price on shares of State Street from $93.00 to $82.00 and set a “neutral” rating on the stock in a report on Wednesday, April 19th. UBS Group dropped their price objective on shares of State Street from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, April 4th. Finally, Bank of America lowered their price target on State Street from $80.00 to $72.00 in a report on Sunday. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $82.40.

State Street Company Profile

(Get Free Report)

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; 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.