Seaport Res Ptn Research Analysts Increase Earnings Estimates for State Street Co. (NYSE:STT)

State Street Co. (NYSE:STT) – Equities researchers at Seaport Res Ptn increased their FY2024 EPS estimates for State Street in a report issued on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings of $7.90 per share for the year, up from their prior estimate of $7.75. The consensus estimate for State Street’s current full-year earnings is $7.87 per share. Seaport Res Ptn also issued estimates for State Street’s Q4 2024 earnings at $2.18 EPS, Q2 2025 earnings at $2.20 EPS and Q4 2025 earnings at $2.54 EPS.

State Street (NYSE:STT) last announced its earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter last year, the firm earned $2.07 earnings per share. The business’s revenue for the quarter was down 3.5% on a year-over-year basis.

Other equities research analysts also recently issued reports about the company. Morgan Stanley boosted their target price on State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday. Keefe, Bruyette & Woods cut their price target on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a report on Monday, January 22nd. Barclays increased their price target on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Evercore ISI boosted their target price on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Finally, UBS Group raised their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $84.04.

State Street Trading Down 0.3 %

Shares of NYSE:STT opened at $72.81 on Wednesday. The stock’s 50-day simple moving average is $73.97 and its two-hundred day simple moving average is $72.37. State Street has a 52-week low of $62.78 and a 52-week high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61. The stock has a market capitalization of $21.98 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.40 and a beta of 1.52.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in STT. Banque Cantonale Vaudoise lifted its stake in State Street by 54.9% in the 3rd quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock worth $726,000 after acquiring an additional 3,841 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new position in State Street in the 4th quarter valued at $45,687,000. Crestwood Advisors Group LLC grew its holdings in State Street by 11.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock worth $5,562,000 after acquiring an additional 8,202 shares during the last quarter. Ferguson Wellman Capital Management Inc. lifted its position in shares of State Street by 3.7% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after purchasing an additional 17,270 shares in the last quarter. Finally, Private Management Group Inc. acquired a new stake in shares of State Street in the 3rd quarter valued at $36,022,000. 87.44% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the transaction, the executive vice president now owns 17,737 shares in the company, valued at $1,294,801. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock worth $1,390,597 over the last ninety days. 0.25% of the stock is currently owned by insiders.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were issued a dividend of $0.69 per share. The ex-dividend date was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.79%. State Street’s dividend payout ratio (DPR) is currently 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.