FY2024 EPS Estimates for State Street Co. Lifted by Analyst (NYSE:STT)

State Street Co. (NYSE:STT) – Seaport Res Ptn upped their FY2024 earnings per share (EPS) estimates for shares of State Street in a research note issued on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings per share of $7.90 for the year, up from their previous forecast of $7.75. The consensus estimate for State Street’s current full-year earnings is $7.91 per share. Seaport Res Ptn also issued estimates for State Street’s Q4 2024 earnings at $2.18 EPS, Q2 2025 earnings at $2.20 EPS and Q4 2025 earnings at $2.54 EPS.

A number of other brokerages also recently weighed in on STT. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. Royal Bank of Canada boosted their price objective on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Argus raised their target price on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Monday. Bank of America reissued an “underperform” rating and set a $81.00 price target on shares of State Street in a research report on Thursday, January 4th. Finally, Barclays raised their price objective on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, State Street has a consensus rating of “Hold” and a consensus price target of $84.04.

State Street Trading Up 0.3 %

Shares of State Street stock opened at $73.04 on Wednesday. The stock has a market cap of $22.05 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.30 and a beta of 1.52. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. State Street has a 12-month low of $62.78 and a 12-month high of $79.90. The business’s 50 day moving average is $73.99 and its 200-day moving average is $72.37.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.83 by $0.21. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $2.95 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. The business’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.07 earnings per share.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.78%. State Street’s payout ratio is currently 51.69%.

Insider Activity at State Street

In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the sale, the chief financial officer now owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the transaction, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock worth $1,390,597 in the last ninety days. 0.31% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new stake in State Street during the fourth quarter worth approximately $184,482,000. Morgan Stanley grew its holdings in shares of State Street by 31.1% during the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager’s stock worth $467,876,000 after purchasing an additional 1,430,237 shares in the last quarter. Eaton Vance Management increased its position in shares of State Street by 159.8% in the first quarter. Eaton Vance Management now owns 1,750,857 shares of the asset manager’s stock worth $152,535,000 after purchasing an additional 1,077,013 shares during the period. AustralianSuper Pty Ltd raised its stake in State Street by 327.0% in the third quarter. AustralianSuper Pty Ltd now owns 1,325,417 shares of the asset manager’s stock valued at $88,750,000 after purchasing an additional 1,015,022 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in State Street during the fourth quarter worth about $45,687,000. 87.44% of the stock is owned by institutional investors.

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, 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.