Zacks Research Brokers Lift Earnings Estimates for State Street Co. (NYSE:STT)

State Street Co. (NYSE:STT) – Stock analysts at Zacks Research increased their Q3 2024 earnings per share estimates for shares of State Street in a report issued on Friday, September 13th. Zacks Research analyst S. Shah now anticipates that the asset manager will post earnings per share of $2.06 for the quarter, up from their prior estimate of $2.04. The consensus estimate for State Street’s current full-year earnings is $8.14 per share. Zacks Research also issued estimates for State Street’s Q4 2024 earnings at $2.16 EPS, FY2024 earnings at $8.05 EPS, Q1 2025 earnings at $1.65 EPS, Q2 2025 earnings at $2.37 EPS, Q3 2025 earnings at $2.46 EPS, Q4 2025 earnings at $2.38 EPS, FY2025 earnings at $8.86 EPS, Q1 2026 earnings at $1.91 EPS and FY2026 earnings at $10.12 EPS.

Other equities analysts have also issued reports about the stock. Barclays raised their target price on shares of State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Wolfe Research reiterated an “underperform” rating and issued a $73.00 target price on shares of State Street in a report on Monday, July 8th. The Goldman Sachs Group increased their price target on State Street from $89.00 to $98.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Bank of America lifted their price objective on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.89.

State Street Trading Up 2.7 %

Shares of STT opened at $85.50 on Monday. The firm has a market capitalization of $25.53 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 1.34 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. State Street has a 1-year low of $62.78 and a 1-year high of $87.26. The company has a 50-day moving average of $82.25 and a 200 day moving average of $77.14.

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

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.56%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s payout ratio is 51.69%.

Institutional Trading of State Street

Hedge funds and other institutional investors have recently made changes to their positions in the business. LRI Investments LLC acquired a new position in State Street during the 1st quarter valued at about $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of State Street during the second quarter valued at about $27,000. Norwood Financial Corp purchased a new position in shares of State Street in the 1st quarter valued at approximately $35,000. Versant Capital Management Inc boosted its stake in State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after purchasing an additional 416 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new stake in State Street during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

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.