State Street Co. (NYSE:STT) to Post Q3 2024 Earnings of $2.03 Per Share, Seaport Res Ptn Forecasts

State Street Co. (NYSE:STT) – Equities researchers at Seaport Res Ptn lowered their Q3 2024 earnings per share estimates for shares of State Street in a research report issued on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now forecasts that the asset manager will earn $2.03 per share for the quarter, down from their prior estimate of $2.09. The consensus estimate for State Street’s current full-year earnings is $7.85 per share. Seaport Res Ptn also issued estimates for State Street’s Q1 2025 earnings at $1.66 EPS and Q3 2025 earnings at $2.42 EPS.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. State Street had a return on equity of 12.03% and a net margin of 9.62%. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the prior year, the business posted $2.07 EPS. The company’s revenue was down 3.5% compared to the same quarter last year.

Other equities analysts have also issued research reports about the company. Barclays increased their target price on 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 increased their target price on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. JPMorgan Chase & Co. increased their target price on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Royal Bank of Canada increased their target price on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Finally, Evercore ISI increased their price target on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $84.04.

State Street Price Performance

STT opened at $73.02 on Tuesday. The stock’s 50-day moving average price is $73.98 and its 200 day moving average price is $72.36. State Street has a 12-month low of $62.78 and a 12-month high of $79.90. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.90. The firm has a market cap of $22.05 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.42 and a beta of 1.52.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in STT. Norges Bank purchased a new position in State Street during the 4th quarter worth approximately $184,482,000. Morgan Stanley grew its stake in shares of State Street by 31.1% in the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager’s stock valued at $467,876,000 after purchasing an additional 1,430,237 shares during the last quarter. Eaton Vance Management grew its stake in shares of State Street by 159.8% in the 1st quarter. Eaton Vance Management now owns 1,750,857 shares of the asset manager’s stock valued at $152,535,000 after purchasing an additional 1,077,013 shares during the last quarter. AustralianSuper Pty Ltd grew its stake in shares of State Street by 327.0% in the 3rd quarter. AustralianSuper Pty Ltd now owns 1,325,417 shares of the asset manager’s stock valued at $88,750,000 after purchasing an additional 1,015,022 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of State Street in the 4th quarter valued at approximately $45,687,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the transaction, the executive vice president now owns 17,737 shares in the company, valued at approximately $1,294,801. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total transaction of $190,238.00. Following the transaction, the executive vice president now owns 17,737 shares in the company, valued at approximately $1,294,801. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,864 shares of company stock valued at $1,390,597. Corporate insiders own 0.31% of the company’s stock.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is presently 51.69%.

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.