State Street Co. Expected to Earn FY2024 Earnings of $8.20 Per Share (NYSE:STT)

State Street Co. (NYSE:STT) – Investment analysts at Seaport Res Ptn raised their FY2024 earnings estimates for State Street in a research report issued to clients and investors on Thursday, October 3rd. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will earn $8.20 per share for the year, up from their prior estimate of $8.15. The consensus estimate for State Street’s current full-year earnings is $8.16 per share. Seaport Res Ptn also issued estimates for State Street’s Q4 2024 earnings at $2.28 EPS, Q1 2025 earnings at $1.80 EPS, Q2 2025 earnings at $2.40 EPS, Q4 2025 earnings at $2.63 EPS and FY2025 earnings at $9.25 EPS.

Several other equities analysts have also commented on STT. Wells Fargo & Company upped their price target on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Evercore ISI upped their price target on shares of State Street from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Morgan Stanley upped their price target on shares of State Street from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Bank of America upped their price target on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Finally, Citigroup upped their price target on shares of State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average price target of $90.11.

State Street Stock Up 1.6 %

Shares of NYSE:STT opened at $87.31 on Friday. The stock has a market capitalization of $26.07 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 1.33 and a beta of 1.48. State Street has a 1-year low of $62.78 and a 1-year high of $89.49. The company’s fifty day moving average is $83.95 and its two-hundred day moving average is $78.58. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.54 and a current ratio of 0.54.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.17 earnings per share.

Hedge Funds Weigh In On State Street

Several large investors have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. boosted its position in shares of State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after purchasing an additional 129 shares in the last quarter. Symmetry Partners LLC lifted its stake in State Street by 3.5% during the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after buying an additional 130 shares in the last quarter. HB Wealth Management LLC lifted its stake in State Street by 3.4% during the first quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock valued at $333,000 after buying an additional 140 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in State Street by 9.3% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock valued at $129,000 after buying an additional 148 shares in the last quarter. Finally, Tompkins Financial Corp lifted its stake in State Street by 28.3% during the first quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock valued at $53,000 after buying an additional 150 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This is a positive change from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.48%. State Street’s dividend payout ratio (DPR) is 56.93%.

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.