State Street FY2024 EPS Forecast Raised by Zacks Research

State Street Co. (NYSE:STT) – Stock analysts at Zacks Research boosted their FY2024 earnings estimates for State Street in a research note issued on Thursday, January 9th. Zacks Research analyst R. Department now expects that the asset manager will post earnings per share of $8.38 for the year, up from their previous estimate of $8.33. The consensus estimate for State Street’s current full-year earnings is $8.42 per share. Zacks Research also issued estimates for State Street’s Q4 2024 earnings at $2.28 EPS, Q1 2025 earnings at $1.80 EPS, Q2 2025 earnings at $2.42 EPS, Q4 2025 earnings at $2.56 EPS, FY2025 earnings at $9.27 EPS, Q1 2026 earnings at $2.01 EPS and Q4 2026 earnings at $2.94 EPS.

Several other equities research analysts have also recently weighed in on the company. Barclays increased their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Morgan Stanley reduced their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $100.33.

State Street Stock Performance

State Street stock opened at $97.68 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm has a market cap of $28.63 billion, a P/E ratio of 15.43, a P/E/G ratio of 1.24 and a beta of 1.43. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The firm has a 50-day moving average of $97.39 and a 200-day moving average of $88.53.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the prior year, the company posted $1.93 EPS. The firm’s revenue for the quarter was up 21.1% compared to the same quarter last year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date is Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is presently 48.03%.

Insider Buying and Selling at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Plansky sold 13,859 shares of the stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now owns 55,108 shares in the company, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

Several large investors have recently bought and sold shares of STT. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after buying an additional 1,354,560 shares during the period. FMR LLC increased its position in State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the last quarter. Wellington Management Group LLP lifted its holdings in State Street by 818.1% in the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after acquiring an additional 462,201 shares during the period. National Bank of Canada FI boosted its position in State Street by 99.4% in the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after purchasing an additional 442,725 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of State Street by 13.8% during the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after purchasing an additional 408,792 shares during the period. 87.44% of the stock is currently 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.