FY2024 EPS Estimates for State Street Co. Lifted by Seaport Res Ptn (NYSE:STT)

State Street Co. (NYSE:STT) – Equities researchers at Seaport Res Ptn boosted their FY2024 EPS estimates for shares of State Street in a report issued on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will earn $7.95 per share for the year, up from their prior estimate of $7.90. The consensus estimate for State Street’s current full-year earnings is $7.95 per share. Seaport Res Ptn also issued estimates for State Street’s Q1 2025 earnings at $1.70 EPS and FY2025 earnings at $8.90 EPS.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, beating the consensus estimate of $1.48 by $0.21. The business had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.06 billion. State Street had a net margin of 9.62% and a return on equity of 12.03%.

Several other equities analysts also recently weighed in on STT. Royal Bank of Canada reissued a “sector perform” rating and issued a $85.00 price target on shares of State Street in a research note on Monday. JPMorgan Chase & Co. increased their price objective on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Argus raised their price target on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Morgan Stanley reiterated an “equal weight” rating and issued a $90.00 price objective on shares of State Street in a research note on Wednesday, June 12th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $88.00 price objective on shares of State Street in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $83.88.

State Street Stock Performance

Shares of NYSE STT opened at $74.14 on Wednesday. The company’s fifty day moving average price is $74.28 and its 200 day moving average price is $74.59. State Street has a 1 year low of $62.78 and a 1 year high of $79.90. The company has a market capitalization of $22.34 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.28 and a beta of 1.48. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.61 and a current ratio of 0.61.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Monday, July 1st will be paid a $0.69 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.72%. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Institutional Investors Weigh In On State Street

Several institutional investors and hedge funds have recently bought and sold shares of the business. Symmetry Partners LLC increased its stake in shares of State Street by 3.5% in the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock valued at $294,000 after purchasing an additional 130 shares during the period. HB Wealth Management LLC lifted its position in State Street by 3.4% in the 1st quarter. HB Wealth Management LLC now owns 4,309 shares of the asset manager’s stock worth $333,000 after buying an additional 140 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in State Street by 9.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,739 shares of the asset manager’s stock worth $129,000 after buying an additional 148 shares in the last quarter. Tompkins Financial Corp lifted its position in State Street by 28.3% in the 1st quarter. Tompkins Financial Corp now owns 680 shares of the asset manager’s stock worth $53,000 after buying an additional 150 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of State Street by 2.6% during the 1st quarter. CWM LLC now owns 6,435 shares of the asset manager’s stock valued at $498,000 after purchasing an additional 165 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

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.