State Street Co. to Post Q2 2024 Earnings of $1.95 Per Share, Zacks Research Forecasts (NYSE:STT)

State Street Co. (NYSE:STT) – Research analysts at Zacks Research decreased their Q2 2024 EPS estimates for State Street in a research note issued on Wednesday, May 1st. Zacks Research analyst S. Shah now anticipates that the asset manager will post earnings per share of $1.95 for the quarter, down from their previous estimate of $2.01. The consensus estimate for State Street’s current full-year earnings is $7.96 per share. Zacks Research also issued estimates for State Street’s Q3 2024 earnings at $2.04 EPS, Q2 2025 earnings at $2.27 EPS, Q3 2025 earnings at $2.36 EPS, Q4 2025 earnings at $2.24 EPS, FY2025 earnings at $8.43 EPS, Q1 2026 earnings at $1.77 EPS and FY2026 earnings at $9.86 EPS.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. The company had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.06 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%.

A number of other research analysts have also commented on STT. Evercore ISI raised their price objective on shares of State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Argus boosted their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Royal Bank of Canada raised their target price on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, January 22nd. JPMorgan Chase & Co. lifted their target price on State Street from $79.50 to $80.50 in a report on Friday, April 12th. Finally, UBS Group upped their price target on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a report on Friday, April 12th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $84.04.

State Street Stock Performance

Shares of STT opened at $74.39 on Monday. The firm has a market capitalization of $22.46 billion, a PE ratio of 13.93, a P/E/G ratio of 1.32 and a beta of 1.52. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The firm has a 50-day moving average price of $74.26 and a 200 day moving average price of $73.11. State Street has a 52-week low of $62.78 and a 52-week high of $79.90.

Institutional Trading of State Street

A number of institutional investors have recently added to or reduced their stakes in STT. Banque Cantonale Vaudoise lifted its stake in shares of State Street by 54.9% in the 3rd 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 last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of State Street during the 4th quarter worth about $45,687,000. Crestwood Advisors Group LLC boosted its stake in shares of State Street by 11.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 83,069 shares of the asset manager’s stock worth $5,562,000 after acquiring an additional 8,202 shares in the last quarter. Ferguson Wellman Capital Management Inc. increased its holdings 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 valued at $37,522,000 after acquiring an additional 17,270 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of State Street by 4.9% in the 4th quarter. Federated Hermes Inc. now owns 270,342 shares of the asset manager’s stock valued at $20,941,000 after acquiring an additional 12,594 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

In other news, CFO Eric W. Aboaf sold 12,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Anthony Bisegna sold 4,258 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the sale, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. Insiders have sold a total of 18,864 shares of company stock valued at $1,390,597 in the last 90 days. 0.31% of the stock is currently owned by corporate insiders.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were paid a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.71%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

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.