State Street Co. (NYSE:STT) Forecasted to Earn Q3 2024 Earnings of $2.07 Per Share

State Street Co. (NYSE:STT) – Equities research analysts at Seaport Res Ptn increased their Q3 2024 earnings estimates for State Street in a research report issued on Thursday, October 3rd. Seaport Res Ptn analyst J. Mitchell now anticipates that the asset manager will post earnings of $2.07 per share for the quarter, up from their prior forecast of $2.05. The consensus estimate for State Street’s current full-year earnings is $8.16 per share.

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

A number of other analysts have also issued reports on STT. Deutsche Bank Aktiengesellschaft increased their price target on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research report on Monday, September 23rd. Wells Fargo & Company increased their target price on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Royal Bank of Canada upped their target price on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Bank of America increased their price target on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley upped their target price on State Street from $93.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $90.11.

State Street Stock Up 1.3 %

NYSE:STT opened at $88.57 on Monday. State Street has a 1-year low of $62.78 and a 1-year high of $89.49. The firm has a market capitalization of $26.68 billion, a price-to-earnings ratio of 16.54, a PEG ratio of 1.33 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. The business’s fifty day moving average price is $84.01 and its 200 day moving average price is $78.69.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a yield of 3.43%. State Street’s dividend payout ratio is presently 56.93%.

Institutional Investors Weigh In On State Street

A number of institutional investors and hedge funds have recently modified their holdings of the business. LSV Asset Management grew its holdings in State Street by 30.6% during 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 during the period. Jacobs Levy Equity Management Inc. increased its position in shares of State Street by 541.2% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock valued at $58,117,000 after buying an additional 634,422 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of State Street by 430.5% during the 1st quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after purchasing an additional 596,567 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of State Street by 57.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after buying an additional 573,016 shares during the period. Finally, Lazard Asset Management LLC raised its stake in shares of State Street by 168.7% in the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock valued at $62,469,000 after purchasing an additional 507,270 shares during the period. 87.44% of the stock is 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.