FY2024 EPS Estimates for State Street Co. Lifted by Seaport Res Ptn (NYSE:STT)

State Street Co. (NYSE:STT) – Equities research analysts at Seaport Res Ptn boosted their FY2024 earnings per share (EPS) estimates for State Street in a report issued on Thursday, October 3rd. Seaport Res Ptn analyst J. Mitchell now forecasts that the asset manager will post earnings of $8.20 per share for the year, up from their prior forecast of $8.15. The consensus estimate for State Street’s current full-year earnings is $8.17 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.

STT has been the subject of several other reports. Barclays boosted their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Morgan Stanley boosted their price target on State Street from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Monday. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Wolfe Research reiterated an “underperform” rating and set a $73.00 price target on shares of State Street in a research report on Monday, July 8th. Finally, Citigroup boosted their price target on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $90.11.

State Street Stock Down 0.0 %

State Street stock opened at $85.96 on Friday. The stock has a market capitalization of $25.90 billion, a PE ratio of 16.10, a price-to-earnings-growth ratio of 1.36 and a beta of 1.48. State Street has a 12 month low of $62.78 and a 12 month high of $89.49. The business has a 50 day simple moving average of $83.91 and a 200-day simple moving average of $78.43. 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 (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $3.19 billion during the quarter, compared to analysts’ expectations 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 was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.17 earnings per share.

Hedge Funds Weigh In On State Street

Large investors have recently modified their holdings of the business. LRI Investments LLC acquired a new position in shares of State Street in the 1st quarter valued at $25,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of State Street in the 2nd quarter valued at $27,000. Norwood Financial Corp acquired a new position in shares of State Street in the 1st quarter valued at $35,000. Versant Capital Management Inc raised its holdings in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock valued at $38,000 after buying an additional 416 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in shares of State Street in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.54%. 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 dividend payout ratio is 56.93%.

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.