Q2 2024 Earnings Forecast for State Street Co. (NYSE:STT) Issued By Seaport Res Ptn

State Street Co. (NYSE:STT) – Research analysts at Seaport Res Ptn raised their Q2 2024 earnings estimates for State Street in a report released on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now anticipates that the asset manager will post earnings of $2.00 per share for the quarter, up from their previous forecast of $1.99. The consensus estimate for State Street’s current full-year earnings is $7.95 per share. Seaport Res Ptn also issued estimates for State Street’s Q3 2024 earnings at $2.07 EPS, Q4 2024 earnings at $2.19 EPS, Q2 2025 earnings at $2.22 EPS, Q3 2025 earnings at $2.44 EPS and Q4 2025 earnings at $2.55 EPS.

Several other research analysts have also recently issued reports on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $85.00 target price on shares of State Street in a report on Monday. Argus boosted their price objective on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a report on Monday, April 15th. UBS Group boosted their price objective on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a report on Friday, April 12th. JPMorgan Chase & Co. boosted their target price on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods cut their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, State Street currently has a consensus rating of “Hold” and an average price target of $83.88.

State Street Stock Up 0.4 %

Shares of State Street stock opened at $74.14 on Thursday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a market capitalization of $22.34 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.28 and a beta of 1.48. State Street has a 52-week low of $62.78 and a 52-week high of $79.90. The company has a 50-day simple moving average of $74.29 and a two-hundred day simple moving average of $74.60.

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

Institutional Investors Weigh In On State Street

A number of hedge funds have recently bought and sold shares of STT. LRI Investments LLC purchased a new stake in State Street during the first quarter valued at $25,000. CVA Family Office LLC purchased a new stake in shares of State Street in the fourth quarter valued at $27,000. Venturi Wealth Management LLC raised its stake in shares of State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street in the fourth quarter valued at $35,000. Finally, Norwood Financial Corp purchased a new stake in shares of State Street in the first quarter valued at $35,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Monday, July 1st will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Monday, July 1st. State Street’s payout ratio is 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.