Zacks Research Increases Earnings Estimates for State Street

State Street Co. (NYSE:STT) – Equities researchers at Zacks Research raised their FY2024 earnings per share estimates for shares of State Street in a research note issued on Thursday, January 9th. Zacks Research analyst R. Department now forecasts that the asset manager will post earnings of $8.38 per share for the year, up from their previous forecast of $8.33. The consensus estimate for State Street’s current full-year earnings is $8.42 per share. Zacks Research also issued estimates for State Street’s Q4 2024 earnings at $2.28 EPS, Q1 2025 earnings at $1.80 EPS, Q2 2025 earnings at $2.42 EPS, Q4 2025 earnings at $2.56 EPS, FY2025 earnings at $9.27 EPS, Q1 2026 earnings at $2.01 EPS and Q4 2026 earnings at $2.94 EPS.

STT has been the topic of several other research reports. Truist Financial assumed coverage on shares of State Street in a research report on Tuesday. They set a “hold” rating and a $106.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research report on Friday, December 20th. Finally, StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $100.33.

State Street Stock Performance

Shares of STT stock opened at $94.04 on Friday. The firm has a market cap of $27.57 billion, a P/E ratio of 14.86, a PEG ratio of 1.24 and a beta of 1.43. The stock’s 50-day moving average is $97.41 and its two-hundred day moving average is $88.68. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.14. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 EPS.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s dividend payout ratio is presently 48.03%.

Insider Activity at State Street

In other news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is owned by corporate insiders.

Institutional Trading of State Street

Hedge funds and other institutional investors have recently modified their holdings of the stock. Graypoint LLC bought a new position in State Street in the 4th quarter valued at $203,000. ST Germain D J Co. Inc. lifted its stake in shares of State Street by 6.7% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock valued at $282,000 after acquiring an additional 180 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in State Street by 1.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,321 shares of the asset manager’s stock valued at $2,878,000 after acquiring an additional 535 shares during the last quarter. InvesTrust acquired a new stake in State Street in the fourth quarter worth about $742,000. Finally, Neville Rodie & Shaw Inc. raised its holdings in State Street by 337.3% during the 4th quarter. Neville Rodie & Shaw Inc. now owns 18,150 shares of the asset manager’s stock worth $1,782,000 after purchasing an additional 14,000 shares during 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.