Zacks Research Forecasts Higher Earnings for State Street

State Street Co. (NYSE:STT) – Equities research analysts at Zacks Research lifted their FY2024 earnings per share estimates for State Street in a research note issued to investors on Tuesday, December 17th. Zacks Research analyst R. Department now forecasts that the asset manager will post earnings of $8.33 per share for the year, up from their previous estimate of $8.32. 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 $2.23 EPS, Q4 2025 earnings at $2.50 EPS, FY2025 earnings at $9.15 EPS and Q1 2026 earnings at $1.98 EPS.

Other analysts also recently issued reports about the stock. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a research report on Thursday. Barclays raised their target price on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Evercore ISI raised their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $97.32.

State Street Price Performance

Shares of STT stock opened at $95.42 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The stock has a market cap of $27.97 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 1.24 and a beta of 1.44. The business’s fifty day moving average is $95.39 and its 200 day moving average is $85.89. State Street has a twelve month low of $70.20 and a twelve month high of $101.91.

State Street (NYSE:STT) last posted 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 business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business’s revenue was up 21.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.93 EPS.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in STT. Ashton Thomas Private Wealth LLC bought a new stake in shares of State Street during the 2nd quarter valued at $27,000. Coastline Trust Co bought a new stake in State Street during the third quarter valued at about $44,000. Capital Performance Advisors LLP bought a new stake in State Street during the third quarter valued at about $54,000. Family Firm Inc. purchased a new position in shares of State Street in the second quarter valued at about $61,000. Finally, LRI Investments LLC boosted its stake in shares of State Street by 202.7% in the second quarter. LRI Investments LLC now owns 993 shares of the asset manager’s stock worth $73,000 after acquiring an additional 665 shares during the period. Institutional investors own 87.44% of the company’s stock.

Insider Activity

In other State Street news, EVP John Plansky sold 13,859 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock valued at $2,499,860 in the last 90 days. 0.31% of the stock is currently owned by insiders.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.19%. State Street’s dividend payout ratio is currently 48.03%.

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.