State Street Co. (NYSE:STT) Forecasted to Post FY2024 Earnings of $7.95 Per Share

State Street Co. (NYSE:STT) – Investment analysts at Seaport Res Ptn lifted their FY2024 earnings per share (EPS) estimates for shares of State Street in a report issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will earn $7.95 per share for the year, up from their prior forecast of $7.90. The consensus estimate for State Street’s current full-year earnings is $7.94 per share. Seaport Res Ptn also issued estimates for State Street’s Q1 2025 earnings at $1.70 EPS and FY2025 earnings at $8.90 EPS.

A number of other equities analysts also recently commented on the company. Argus increased their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday, April 15th. UBS Group increased their price objective on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods dropped their price objective on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Evercore ISI upped their target price on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. upped their target price on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $83.88.

State Street Trading Up 0.4 %

NYSE:STT opened at $73.87 on Wednesday. The stock’s 50 day moving average price is $74.30 and its 200 day moving average price is $74.62. State Street has a 52 week low of $62.78 and a 52 week high of $79.90. The company has a market capitalization of $22.25 billion, a P/E ratio of 13.83, a P/E/G ratio of 1.29 and a beta of 1.49. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61.

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

Institutional Investors Weigh In On State Street

Several hedge funds have recently modified their holdings of the business. Capital International Investors lifted its position in State Street by 0.5% in the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after purchasing an additional 31,314 shares during the period. LSV Asset Management lifted its position in State Street by 10.5% in the first quarter. LSV Asset Management now owns 4,044,135 shares of the asset manager’s stock worth $312,693,000 after purchasing an additional 385,404 shares during the period. Metropolis Capital Ltd raised its stake in State Street by 5.3% during the first quarter. Metropolis Capital Ltd now owns 3,645,635 shares of the asset manager’s stock worth $281,880,000 after acquiring an additional 183,591 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in State Street by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock worth $201,243,000 after acquiring an additional 79,746 shares in the last quarter. Finally, Putnam Investments LLC raised its stake in State Street by 5.8% during the fourth quarter. Putnam Investments LLC now owns 2,343,254 shares of the asset manager’s stock worth $181,508,000 after acquiring an additional 129,493 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be given a $0.69 dividend. The ex-dividend date of this dividend is Monday, July 1st. This represents a $2.76 annualized dividend and a dividend yield of 3.74%. State Street’s dividend payout ratio 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.