State Street Co. (NYSE:STT) Forecasted to Earn FY2024 Earnings of $7.83 Per Share

State Street Co. (NYSE:STT) – Equities research analysts at Zacks Research lifted their FY2024 earnings estimates for State Street in a research note issued on Wednesday, May 1st. Zacks Research analyst S. Shah now forecasts that the asset manager will earn $7.83 per share for the year, up from their previous forecast of $7.64. The consensus estimate for State Street’s current full-year earnings is $7.93 per share. Zacks Research also issued estimates for State Street’s Q1 2025 earnings at $1.56 EPS.

A number of other equities research analysts have also recently issued reports on STT. Evercore ISI boosted their price objective on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Keefe, Bruyette & Woods reduced 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. Royal Bank of Canada upped their price objective on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a report on Monday, January 22nd. Morgan Stanley lifted their target price on State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Argus upped their price target on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $84.04.

State Street Stock Up 1.6 %

Shares of STT opened at $74.39 on Friday. The firm has a market cap of $22.46 billion, a P/E ratio of 13.93, a price-to-earnings-growth ratio of 1.30 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61. State Street has a 52 week low of $62.78 and a 52 week high of $79.90. The firm’s 50-day simple moving average is $74.24 and its 200 day simple moving average is $72.98.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in STT. Norges Bank bought a new stake in shares of State Street during the fourth quarter worth $147,421,000. AustralianSuper Pty Ltd boosted its holdings in shares of State Street by 327.0% during the 3rd quarter. AustralianSuper Pty Ltd now owns 1,325,417 shares of the asset manager’s stock valued at $88,750,000 after acquiring an additional 1,015,022 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new stake in State Street during the 4th quarter worth $45,687,000. Balyasny Asset Management L.P. increased its holdings in State Street by 57.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock worth $121,145,000 after purchasing an additional 573,016 shares in the last quarter. Finally, Private Management Group Inc. bought a new position in State Street in the third quarter valued at about $36,022,000. Institutional investors own 87.44% of the company’s stock.

Insider Activity

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the transaction, the chief financial officer now owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of State Street stock in a transaction that occurred 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 sale, the executive vice president now directly owns 17,737 shares in the company, valued at $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 worth $1,390,597. 0.31% of the stock is currently owned by corporate insiders.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.71%. The ex-dividend date was Thursday, March 28th. State Street’s dividend payout ratio is currently 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.