Q3 2024 EPS Estimates for State Street Co. Cut by Seaport Res Ptn (NYSE:STT)

State Street Co. (NYSE:STT) – Analysts at Seaport Res Ptn reduced their Q3 2024 earnings per share estimates for shares of State Street in a research report issued to clients and investors on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now expects 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 $7.87 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 posted its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share (EPS) 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 firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the prior year, the business earned $2.07 EPS. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year.

A number of other equities analysts have also weighed in on STT. Barclays upped 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. JPMorgan Chase & Co. increased their price target on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Bank of America reaffirmed an “underperform” rating and set a $81.00 target price on shares of State Street in a research report on Thursday, January 4th. The Goldman Sachs Group raised State Street from a “neutral” rating to a “buy” rating and raised their target price for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Finally, 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 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. According to data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average target price of $84.04.

State Street Price Performance

Shares of NYSE:STT opened at $72.81 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. State Street has a twelve month low of $62.78 and a twelve month high of $79.90. The stock’s 50 day moving average is $73.97 and its 200-day moving average is $72.37. The firm has a market capitalization of $21.98 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 1.40 and a beta of 1.52.

Hedge Funds Weigh In On State Street

A number of large investors have recently bought and sold shares of STT. Norges Bank purchased a new position in State Street in the 4th quarter worth approximately $184,482,000. Morgan Stanley grew its position 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 worth $467,876,000 after buying an additional 1,430,237 shares during the last quarter. Eaton Vance Management grew its position 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 worth $152,535,000 after buying an additional 1,077,013 shares during the last quarter. AustralianSuper Pty Ltd grew its position 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 worth $88,750,000 after buying an additional 1,015,022 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc bought a new stake in shares of State Street in the 4th quarter worth approximately $45,687,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In related news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at approximately $11,015,755.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the transaction, 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. Insiders have sold a total of 18,864 shares of company stock valued at $1,390,597 in the last 90 days. Corporate insiders own 0.25% of the company’s stock.

State Street Announces Dividend

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