Zacks Research Lifts Earnings Estimates for State Street

State Street Co. (NYSE:STT) – Equities research analysts at Zacks Research increased their FY2024 earnings per share (EPS) estimates for shares of State Street in a research note issued to investors on Thursday, January 9th. Zacks Research analyst R. Department now anticipates that the asset manager will post earnings of $8.38 per share for the year, up from their prior estimate of $8.33. 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 $2.28 EPS, Q1 2025 earnings at $1.80 EPS, Q2 2025 earnings at $2.42 EPS, Q4 2025 earnings at $2.56 EPS, FY2025 earnings at $9.27 EPS, Q1 2026 earnings at $2.01 EPS and Q4 2026 earnings at $2.94 EPS.

A number of other research analysts have also weighed in on STT. Wells Fargo & Company raised their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Evercore ISI upped their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Morgan Stanley cut their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $100.33.

State Street Price Performance

Shares of NYSE:STT opened at $97.68 on Friday. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The stock has a market cap of $28.63 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 1.24 and a beta of 1.43. The stock’s fifty day simple moving average is $97.39 and its two-hundred day simple moving average is $88.53.

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

Institutional Trading of State Street

A number of hedge funds have recently made changes to their positions in STT. Ashton Thomas Private Wealth LLC purchased a new stake in State Street in the second quarter worth approximately $27,000. Coastline Trust Co purchased a new stake in shares of State Street in the 3rd quarter valued at $44,000. Capital Performance Advisors LLP bought a new position in shares of State Street during the 3rd quarter valued at $54,000. Versant Capital Management Inc raised its position in State Street by 37.0% in the 4th quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after purchasing an additional 197 shares during the period. Finally, Tobam purchased a new position in State Street in the 3rd quarter worth $77,000. 87.44% of the stock is owned by institutional investors.

Insider Buying and Selling at State Street

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

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.76 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $3.04 annualized dividend and a yield of 3.11%. State Street’s dividend payout ratio is currently 48.03%.

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.