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

State Street Co. (NYSE:STT) – Analysts at Seaport Res Ptn raised their FY2024 earnings estimates for shares of State Street in a report 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 estimate 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.

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

Several other research firms have also weighed in on STT. Morgan Stanley raised their price objective on shares of State Street from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday. Royal Bank of Canada raised their target price on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a report on Monday, January 22nd. Argus raised their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday. Bank of America reiterated an “underperform” rating and issued a $81.00 target price on shares of State Street in a report on Thursday, January 4th. Finally, Barclays raised their target price on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $84.04.

State Street Stock Performance

NYSE:STT opened at $73.04 on Wednesday. State Street has a twelve month low of $62.78 and a twelve month high of $79.90. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.90. The company has a 50-day moving average of $73.99 and a 200-day moving average of $72.37. The firm has a market cap of $22.05 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.30 and a beta of 1.52.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is 51.69%.

Insider Transactions at State Street

In other news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on 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 directly owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were 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 of the company’s stock, valued at $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the transaction, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. Insiders sold 18,864 shares of company stock valued at $1,390,597 over the last three months. 0.31% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dagco Inc. bought a new position in shares of State Street in the fourth quarter valued at approximately $26,000. CVA Family Office LLC bought a new position in shares of State Street in the fourth quarter valued at approximately $27,000. Venturi Wealth Management LLC raised its position in shares of State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of State Street in the fourth quarter valued at approximately $35,000. Finally, Norwood Financial Corp bought a new position in shares of State Street in the first quarter valued at approximately $35,000. Institutional investors own 87.44% of the company’s stock.

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.