State Street (NYSE:STT) Shares Gap Up on Earnings Beat

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State Street Corp (NYSE:STT) gapped up before the market opened on Monday following a stronger than expected earnings report. The stock had previously closed at $65.58, but opened at $63.34. State Street shares last traded at $65.00, with a volume of 102,906 shares changing hands.

The asset manager reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.11. The firm had revenue of $2.90 billion for the quarter, compared to analyst estimates of $2.86 billion. State Street had a net margin of 16.18% and a return on equity of 11.34%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.87 earnings per share.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.15%. The ex-dividend date was Monday, September 30th. This is a positive change from State Street’s previous quarterly dividend of $0.47. State Street’s dividend payout ratio (DPR) is presently 28.81%.

STT has been the topic of a number of recent analyst reports. Raymond James lifted their price target on shares of State Street from $69.00 to $77.00 and gave the company a “strong-buy” rating in a research report on Monday. They noted that the move was a valuation call. Bank of America lifted their price target on shares of State Street from $64.00 to $69.00 and gave the company a “buy” rating in a research report on Monday. Morgan Stanley lifted their price target on shares of State Street from $55.00 to $57.00 and gave the company an “underweight” rating in a research report on Monday. UBS Group lifted their price target on shares of State Street from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Deutsche Bank dropped their price target on shares of State Street from $55.00 to $53.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Three analysts have rated the stock with a sell rating, seven have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $66.38.

In related news, EVP Jeffrey N. Carp sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $51.72, for a total transaction of $1,293,000.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hanley Ronald P. O bought 7,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were bought at an average cost of $50.43 per share, for a total transaction of $353,010.00. Following the transaction, the chief executive officer now directly owns 127,235 shares of the company’s stock, valued at approximately $6,416,461.05. The disclosure for this purchase can be found here. In the last three months, insiders bought 10,500 shares of company stock worth $547,950. Insiders own 0.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Peoples Financial Services CORP. increased its position in State Street by 5.5% during the third quarter. Peoples Financial Services CORP. now owns 3,818 shares of the asset manager’s stock worth $226,000 after acquiring an additional 200 shares during the period. McGuire Investment Group LLC boosted its stake in State Street by 0.8% during the second quarter. McGuire Investment Group LLC now owns 27,353 shares of the asset manager’s stock worth $1,533,000 after buying an additional 212 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in State Street by 0.6% during the second quarter. Oregon Public Employees Retirement Fund now owns 40,225 shares of the asset manager’s stock worth $2,255,000 after buying an additional 236 shares in the last quarter. NuWave Investment Management LLC boosted its stake in State Street by 50.8% during the second quarter. NuWave Investment Management LLC now owns 742 shares of the asset manager’s stock worth $42,000 after buying an additional 250 shares in the last quarter. Finally, Bank of The West boosted its stake in State Street by 5.5% during the second quarter. Bank of The West now owns 5,437 shares of the asset manager’s stock worth $305,000 after buying an additional 285 shares in the last quarter. 89.92% of the stock is currently owned by institutional investors and hedge funds.

The company has a debt-to-equity ratio of 0.53, a current ratio of 0.48 and a quick ratio of 0.48. The stock’s 50 day simple moving average is $58.19 and its two-hundred day simple moving average is $58.67. The stock has a market cap of $23.60 billion, a price-to-earnings ratio of 9.15, a P/E/G ratio of 1.04 and a beta of 1.51.

State Street Company Profile (NYSE:STT)

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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