State Street Co. to Post Q2 2024 Earnings of $1.95 Per Share, Zacks Research Forecasts (NYSE:STT)

State Street Co. (NYSE:STT - Free Report) - Equities research analysts at Zacks Research lowered their Q2 2024 earnings per share estimates for State Street in a research note issued to investors on Wednesday, May 1st. Zacks Research analyst S. Shah now anticipates that the asset manager will earn $1.95 per share for the quarter, down from their prior forecast of $2.01. The consensus estimate for State Street's current full-year earnings is $7.96 per share. Zacks Research also issued estimates for State Street's Q3 2024 earnings at $2.04 EPS, Q2 2025 earnings at $2.27 EPS, Q3 2025 earnings at $2.36 EPS, Q4 2025 earnings at $2.24 EPS, FY2025 earnings at $8.43 EPS, Q1 2026 earnings at $1.77 EPS and FY2026 earnings at $9.86 EPS.

Several other analysts also recently issued reports on STT. Evercore ISI upped their price target on State Street from $85.00 to $88.00 and gave the stock an "outperform" rating in a research note on Thursday, April 4th. Morgan Stanley upped their price target on State Street from $89.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods decreased their price target on State Street from $89.00 to $86.00 and set a "market perform" rating for the company in a research note on Monday, January 22nd. JPMorgan Chase & Co. upped their price target on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Finally, Argus increased their target price on State Street from $84.00 to $86.00 and gave the company a "buy" rating in a research note on Monday, April 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $84.04.

State Street Stock Up 1.0 %

Shares of STT stock traded up $0.72 on Monday, hitting $75.11. The company's stock had a trading volume of 1,795,756 shares, compared to its average volume of 2,377,500. The stock has a market capitalization of $22.63 billion, a price-to-earnings ratio of 14.07, a P/E/G ratio of 1.32 and a beta of 1.52. The firm's fifty day moving average price is $74.30 and its 200-day moving average price is $73.17. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.21. The firm had revenue of $3.14 billion for the quarter, compared to analyst estimates of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%.

Hedge Funds Weigh In On State Street

Hedge funds have recently modified their holdings of the stock. CVA Family Office LLC acquired a new stake in State Street during the 4th quarter valued at $27,000. Venturi Wealth Management LLC increased its holdings in State Street by 92.5% during the 4th 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 in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in State Street during the 4th quarter valued at $35,000. Norwood Financial Corp acquired a new stake in State Street during the 1st quarter valued at $35,000. Finally, Accent Capital Management LLC bought a new position in shares of State Street in the 4th quarter worth $39,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

In other news, EVP Anthony Bisegna sold 4,258 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total value of $313,559.12. Following the completion of the transaction, the executive vice president now directly owns 23,328 shares of the company's stock, valued at approximately $1,717,873.92. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was 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 directly owns 149,063 shares of the company's stock, valued at approximately $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Anthony Bisegna sold 4,258 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total value of $313,559.12. Following the completion of the transaction, the executive vice president now directly owns 23,328 shares of the company's stock, valued at $1,717,873.92. The disclosure for this sale can be found here. Insiders sold a total of 18,864 shares of company stock valued at $1,390,597 in the last quarter. Corporate insiders own 0.31% of the company's stock.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were issued a $0.69 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.67%. State Street's dividend payout ratio (DPR) is 51.69%.

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.