State Street Co. (NYSE:STT) Forecasted to Post FY2024 Earnings of $7.95 Per Share

State Street Co. (NYSE:STT) – Seaport Res Ptn raised their FY2024 earnings per share (EPS) estimates for State Street in a note issued to investors on Tuesday, July 2nd. Seaport Res Ptn analyst J. Mitchell now forecasts that the asset manager will post earnings per share of $7.95 for the year, up from their prior forecast of $7.90. The consensus estimate for State Street’s current full-year earnings is $7.94 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.

STT has been the subject of several other research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $85.00 price target on shares of State Street in a research report on Monday. UBS Group boosted their target price on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday, April 12th. Argus boosted their target price on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. boosted their target price on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating for the company in a research note on Thursday, June 27th. Two investment 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, State Street currently has an average rating of “Hold” and a consensus price target of $83.88.

State Street Trading Up 0.4 %

Shares of STT stock opened at $73.87 on Wednesday. The stock has a market capitalization of $22.25 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 1.29 and a beta of 1.49. State Street has a 12-month low of $62.78 and a 12-month high of $79.90. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.90. The stock’s 50-day moving average price is $74.30 and its 200-day moving average price is $74.62.

State Street (NYSE:STT) last issued its earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 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 $3.14 billion for the quarter, compared to analysts’ expectations of $3.06 billion.

Hedge Funds Weigh In On State Street

Hedge funds have recently made changes to their positions in the company. LRI Investments LLC purchased a new stake in State Street in the first quarter valued at $25,000. CVA Family Office LLC purchased a new stake in shares of State Street during the 4th quarter worth about $27,000. Venturi Wealth Management LLC boosted its stake in shares of State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street during the 4th quarter worth about $35,000. Finally, Norwood Financial Corp purchased a new stake in shares of State Street during the 1st quarter worth about $35,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Monday, July 1st will be given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.74%. The ex-dividend date is Monday, July 1st. State Street’s payout ratio is 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.