State Street (NYSE:STT) Announces Earnings Results

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

State Street Stock Up 1.2 %

STT opened at $92.93 on Thursday. The company has a market capitalization of $28.00 billion, a P/E ratio of 17.40, a P/E/G ratio of 1.30 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The firm’s fifty day moving average price is $85.33 and its two-hundred day moving average price is $79.35. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $94.60.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on STT. Citigroup raised their price objective on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Bank of America upped their price objective on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods cut their target price on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on State Street from $79.00 to $87.00 and gave the company a “hold” rating in a report on Monday, September 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, State Street has a consensus rating of “Hold” and an average target price of $91.39.

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.