FY2024 Earnings Estimate for State Street Co. Issued By Zacks Research (NYSE:STT)

State Street Co. (NYSE:STT) – Equities research analysts at Zacks Research increased their FY2024 earnings estimates for State Street in a research note issued on Friday, August 2nd. Zacks Research analyst S. Shah now forecasts that the asset manager will post earnings per share of $8.03 for the year, up from their previous estimate of $7.83. The consensus estimate for State Street’s current full-year earnings is $8.14 per share. Zacks Research also issued estimates for State Street’s Q4 2024 earnings at $2.15 EPS, Q1 2025 earnings at $1.60 EPS and Q2 2026 earnings at $2.59 EPS.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping the consensus estimate of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The company had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the firm earned $2.17 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis.

Other analysts have also recently issued research reports about the stock. Evercore ISI lifted their price target on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Wolfe Research reiterated an “underperform” rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of State Street from $75.00 to $80.00 and gave the company a “hold” rating in a report on Wednesday, July 17th. Citigroup lifted their price target on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Finally, Royal Bank of Canada lifted their price target on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street has an average rating of “Hold” and an average price target of $88.96.

State Street Stock Up 0.0 %

Shares of NYSE STT opened at $77.12 on Monday. The company has a market cap of $23.23 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.25 and a beta of 1.48. The firm’s fifty day moving average is $76.83 and its 200 day moving average is $75.22. State Street has a 52 week low of $62.78 and a 52 week high of $86.25. The company has a quick ratio of 0.61, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

Hedge Funds Weigh In On State Street

Several large investors have recently modified their holdings of STT. LRI Investments LLC purchased a new position in State Street in the 1st quarter worth about $25,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street during the 4th quarter valued at about $35,000. Norwood Financial Corp purchased a new stake in shares of State Street during the 1st quarter valued at about $35,000. Versant Capital Management Inc increased its position in shares of State Street by 411.9% during the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 416 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of State Street during the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is currently 51.69%.

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.