State Street FY2024 EPS Forecast Boosted by Seaport Res Ptn

State Street Co. (NYSE:STT) – Stock analysts at Seaport Res Ptn raised their FY2024 earnings per share (EPS) estimates for State Street in a research note issued on Wednesday, October 16th. Seaport Res Ptn analyst J. Mitchell now anticipates that the asset manager will earn $8.44 per share for the year, up from their previous forecast of $8.20. The consensus estimate for State Street’s current full-year earnings is $8.15 per share. Seaport Res Ptn also issued estimates for State Street’s Q4 2024 earnings at $2.32 EPS, Q1 2025 earnings at $1.87 EPS, Q2 2025 earnings at $2.47 EPS, Q3 2025 earnings at $2.49 EPS, Q4 2025 earnings at $2.68 EPS and FY2025 earnings at $9.50 EPS.

STT has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research note on Monday, September 23rd. Barclays raised their price objective on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday. The Goldman Sachs Group upped their target price on State Street from $98.00 to $100.00 and gave the stock 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 report on Wednesday. Finally, Royal Bank of Canada boosted their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, State Street has an average rating of “Hold” and a consensus price target of $91.39.

State Street Trading Down 1.2 %

STT opened at $91.43 on Friday. The firm has a market cap of $27.54 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 1.29 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The stock has a fifty day moving average price of $85.89 and a 200-day moving average price of $79.54. State Street has a 12 month low of $62.78 and a 12 month high of $94.60.

State Street (NYSE:STT) last issued its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.93 EPS.

Hedge Funds Weigh In On State Street

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. LSV Asset Management boosted its holdings in State Street by 30.6% in the second quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in State Street by 541.2% in the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after acquiring an additional 634,422 shares during the last quarter. SG Americas Securities LLC boosted its stake in State Street by 430.5% in the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after acquiring an additional 596,567 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of State Street by 168.7% in the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after purchasing an additional 507,270 shares during the last quarter. Finally, Metropolis Capital Ltd grew its stake in State Street by 13.1% during the 2nd quarter. Metropolis Capital Ltd now owns 4,124,840 shares of the asset manager’s stock worth $305,238,000 after buying an additional 479,205 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

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.