Zacks Research Boosts Earnings Estimates for State Street

State Street Co. (NYSE:STT) – Zacks Research lifted their FY2024 EPS estimates for shares of State Street in a report released on Tuesday, December 17th. Zacks Research analyst R. Department now forecasts that the asset manager will earn $8.33 per share for the year, up from their previous forecast of $8.32. The consensus estimate for State Street’s current full-year earnings is $8.42 per share. Zacks Research also issued estimates for State Street’s Q4 2024 earnings at $2.23 EPS, Q4 2025 earnings at $2.50 EPS, FY2025 earnings at $9.15 EPS and Q1 2026 earnings at $1.98 EPS.

Other equities research analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Monday, November 11th. The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Wells Fargo & Company upped their price objective on State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, Morgan Stanley upgraded State Street from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $102.00 to $139.00 in a report on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $97.32.

State Street Stock Up 0.7 %

NYSE STT opened at $95.42 on Thursday. The stock has a 50 day moving average price of $95.39 and a 200-day moving average price of $85.89. State Street has a one year low of $70.20 and a one year high of $101.91. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market capitalization of $27.97 billion, a P/E ratio of 15.07, a P/E/G ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 earnings per share.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.19%. State Street’s dividend payout ratio (DPR) is 48.03%.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,460 shares of company stock valued at $2,499,860. 0.31% of the stock is currently owned by company insiders.

Institutional Trading of State Street

Institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in State Street by 0.6% in the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after buying an additional 41,442 shares in the last quarter. FMR LLC increased its holdings in shares of State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after acquiring an additional 1,354,560 shares during the period. LSV Asset Management raised its position in shares of State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after acquiring an additional 1,238,251 shares in the last quarter. Finally, Metropolis Capital Ltd lifted its stake in shares of State Street by 3.9% during the 3rd quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after purchasing an additional 161,466 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

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.