FY2024 Earnings Estimate for State Street Co. (NYSE:STT) Issued By Seaport Res Ptn

State Street Co. (NYSE:STT - Free Report) - Analysts at Seaport Res Ptn raised their FY2024 earnings estimates for State Street in a report released on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now anticipates that the asset manager will earn $7.90 per share for the year, up from their prior forecast of $7.75. The consensus estimate for State Street's current full-year earnings is $7.87 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.

Several other analysts have also commented on the stock. UBS Group raised their price target on shares of State Street from $80.00 to $82.00 and gave the company a "neutral" rating in a research report on Friday, April 12th. Morgan Stanley raised their price target 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. Barclays increased their price objective on shares of State Street from $87.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, January 2nd. Royal Bank of Canada increased their price objective on shares of State Street from $75.00 to $85.00 and gave the company a "sector perform" rating in a report on Monday, January 22nd. Finally, Bank of America reaffirmed an "underperform" rating and set a $81.00 price objective on shares of State Street in a report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, State Street presently has an average rating of "Hold" and a consensus price target of $84.04.

State Street Stock Performance

STT stock traded down $0.21 during midday trading on Wednesday, hitting $72.81. 2,265,167 shares of the stock traded hands, compared to its average volume of 2,290,722. The firm has a market cap of $21.98 billion, a P/E ratio of 13.63, a PEG ratio of 1.40 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The stock's fifty day simple moving average is $73.97 and its 200-day simple moving average is $72.37. State Street has a 1-year low of $62.78 and a 1-year high of $79.90.

State Street (NYSE:STT - Get Free Report) last released 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 company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.95 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. The firm's revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the business earned $2.07 earnings per share.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in State Street by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager's stock worth $2,997,806,000 after acquiring an additional 146,048 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of State Street by 0.3% in the 3rd quarter. Invesco Ltd. now owns 10,434,030 shares of the asset manager's stock valued at $698,663,000 after buying an additional 29,190 shares in the last quarter. Morgan Stanley boosted its holdings in shares of State Street by 31.1% in the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager's stock valued at $467,876,000 after buying an additional 1,430,237 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of State Street by 10.5% in the 1st quarter. JPMorgan Chase & Co. now owns 4,935,279 shares of the asset manager's stock valued at $373,551,000 after buying an additional 469,309 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of State Street by 4.1% in the 3rd quarter. Northern Trust Corp now owns 4,624,813 shares of the asset manager's stock valued at $309,677,000 after buying an additional 180,093 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Activity at State Street

In related news, CFO Eric W. Aboaf sold 12,000 shares of State Street 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 transaction, the chief financial officer now owns 149,063 shares in the company, valued at $11,015,755.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Eric W. Aboaf sold 12,000 shares of State Street 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 transaction, the chief financial officer now owns 149,063 shares in the company, valued at $11,015,755.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of the business's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the transaction, the executive vice president now owns 23,328 shares of the company's stock, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,864 shares of company stock worth $1,390,597. Corporate insiders own 0.25% of the company's stock.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date was Thursday, March 28th. State Street's dividend payout ratio (DPR) 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.