Analysts Issue Forecasts for State Street FY2024 Earnings

State Street Co. (NYSE:STT) – Investment analysts at Zacks Research upped their FY2024 EPS estimates for State Street in a research note issued on Tuesday, December 17th. Zacks Research analyst R. Department now forecasts that the asset manager will post earnings per share of $8.33 for the year, up from their prior forecast of $8.32. 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 $2.23 EPS, Q4 2025 earnings at $2.50 EPS, FY2025 earnings at $9.15 EPS and Q1 2026 earnings at $1.98 EPS.

Several other brokerages have also weighed in on STT. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a report on Friday. Morgan Stanley upgraded State Street from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $102.00 to $139.00 in a report on Monday, December 9th. The Goldman Sachs Group raised their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $98.36.

State Street Stock Up 2.9 %

Shares of NYSE STT opened at $98.20 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm has a market cap of $28.79 billion, a PE ratio of 15.51, a P/E/G ratio of 1.24 and a beta of 1.44. The company’s fifty day simple moving average is $95.56 and its 200 day simple moving average is $86.05. State Street has a 12-month low of $70.20 and a 12-month high of $101.91.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. KBC Group NV lifted its stake in State Street by 20.5% in the third quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock valued at $6,607,000 after purchasing an additional 12,707 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in shares of State Street by 17.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock valued at $12,124,000 after buying an additional 20,183 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in shares of State Street by 39.3% during the 2nd quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock worth $10,794,000 after acquiring an additional 41,180 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in State Street by 43.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,815 shares of the asset manager’s stock worth $6,069,000 after acquiring an additional 20,968 shares during the last quarter. Finally, LSV Asset Management raised its stake in State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after acquiring an additional 1,238,251 shares during the period. 87.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction on Monday, November 25th. The stock was 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 owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Plansky sold 13,859 shares of the firm’s 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 directly owns 55,108 shares of the company’s stock, 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. In the last ninety days, insiders sold 26,460 shares of company stock valued at $2,499,860. Corporate insiders own 0.31% of the company’s stock.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s payout ratio is 48.03%.

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.