Seaport Res Ptn Weighs in on State Street Co.’s FY2024 Earnings (NYSE:STT)

State Street Co. (NYSE:STT) – Equities research analysts at Seaport Res Ptn raised their FY2024 earnings per share (EPS) estimates for shares of State Street in a report released on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings of $7.90 per share for the year, up from their previous forecast of $7.75. The consensus estimate for State Street’s current full-year earnings is $7.87 per share. Seaport Res Ptn also issued estimates for State Street’s Q4 2024 earnings at $2.18 EPS, Q2 2025 earnings at $2.20 EPS and Q4 2025 earnings at $2.54 EPS.

State Street (NYSE:STT) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $2.95 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%. State Street’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.07 earnings per share.

A number of other analysts also recently commented on STT. Argus boosted their target price on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a report on Monday. Barclays raised their target price on State Street from $87.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. UBS Group upped their price target on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Bank of America reissued an “underperform” rating and issued a $81.00 price objective on shares of State Street in a research note on Thursday, January 4th. Finally, Royal Bank of Canada boosted their price objective on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average target price of $84.04.

State Street Stock Down 0.3 %

NYSE:STT opened at $72.81 on Wednesday. State Street has a 52 week low of $62.78 and a 52 week 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 stock has a 50 day moving average of $73.97 and a 200-day moving average of $72.37. The firm has a market capitalization of $21.98 billion, a PE ratio of 13.63, a price-to-earnings-growth ratio of 1.40 and a beta of 1.52.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a $0.69 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.79%. State Street’s payout ratio is 51.69%.

Insider Transactions at State Street

In other State Street news, 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 transaction of $886,800.00. Following the completion of the transaction, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Eric W. Aboaf sold 12,000 shares of the company’s 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 approximately $11,015,755.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Anthony Bisegna sold 2,606 shares of the business’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 sale, the executive vice president now directly owns 17,737 shares in the company, valued at approximately $1,294,801. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock worth $1,390,597 in the last quarter. Company insiders own 0.25% of the company’s stock.

Institutional Trading of State Street

Hedge funds and other institutional investors have recently modified their holdings of the stock. Banque Cantonale Vaudoise raised its position in State Street by 54.9% in the third quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock valued at $726,000 after purchasing an additional 3,841 shares during the period. AEGON ASSET MANAGEMENT UK Plc purchased a new position in State Street in the fourth quarter worth $45,687,000. Crestwood Advisors Group LLC raised its holdings in State Street by 11.0% during the third quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock worth $5,562,000 after purchasing an additional 8,202 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its stake in shares of State Street by 3.7% during the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 484,411 shares of the asset manager’s stock worth $37,522,000 after purchasing an additional 17,270 shares in the last quarter. Finally, Private Management Group Inc. purchased a new position in shares of State Street during the 3rd quarter worth $36,022,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Company Profile

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.