State Street Co. Forecasted to Earn Q1 2024 Earnings of $1.42 Per Share (NYSE:STT)

State Street Co. (NYSE:STTFree Report) – Research analysts at Zacks Research increased their Q1 2024 EPS estimates for shares of State Street in a research report issued to clients and investors on Monday, March 4th. Zacks Research analyst S. Shah now forecasts that the asset manager will post earnings per share of $1.42 for the quarter, up from their prior forecast of $1.38. The consensus estimate for State Street’s current full-year earnings is $7.88 per share. Zacks Research also issued estimates for State Street’s Q2 2024 earnings at $2.01 EPS, Q3 2024 earnings at $2.06 EPS, FY2024 earnings at $7.64 EPS, Q2 2025 earnings at $2.29 EPS, Q3 2025 earnings at $2.37 EPS, FY2025 earnings at $8.48 EPS and FY2026 earnings at $10.07 EPS.

A number of other analysts have also issued reports on STT. Barclays boosted their price target on shares of State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. UBS Group boosted their target price on State Street from $70.00 to $82.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 9th. The Goldman Sachs Group raised shares of State Street from a “neutral” rating to a “buy” rating and boosted their price target for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Morgan Stanley lifted their price objective on shares of State Street from $83.00 to $88.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Finally, Keefe, Bruyette & Woods cut their price target on State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $81.83.

Get Our Latest Stock Report on State Street

State Street Trading Up 0.6 %

Shares of STT opened at $72.26 on Wednesday. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $21.82 billion, a P/E ratio of 13.16, a P/E/G ratio of 1.22 and a beta of 1.52. The firm has a 50-day moving average price of $74.32 and a 200 day moving average price of $71.18. State Street has a 12-month low of $62.78 and a 12-month high of $87.70.

State Street (NYSE:STTGet Free Report) last posted its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.83 by $0.21. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. State Street had a return on equity of 11.86% and a net margin of 10.59%. The firm’s revenue was down 3.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.07 EPS.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Investors of record on Monday, April 1st will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.82%. State Street’s dividend payout ratio is presently 50.27%.

Insider Buying and Selling at State Street

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the company’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 of the company’s stock, valued at $1,294,801. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction on Thursday, February 29th. The stock was 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 in the company, valued at $11,015,755.70. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of State Street stock in a transaction on Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,864 shares of company stock valued at $1,390,597. 0.25% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On State Street

Hedge funds have recently made changes to their positions in the stock. Dagco Inc. bought a new position in shares of State Street during the fourth quarter valued at $26,000. CVA Family Office LLC bought a new position in shares of State Street in the fourth quarter valued at approximately $27,000. Venturi Wealth Management LLC boosted its holdings in shares of State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in State Street during the 4th quarter worth approximately $35,000. Finally, Quarry LP bought a new position in State Street in the 4th quarter valued at $39,000. Institutional investors own 89.62% of the company’s stock.

State Street Company Profile

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for State Street (NYSE:STT)

Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.