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

State Street Co. (NYSE:STT) – Stock analysts at Seaport Res Ptn cut their Q3 2024 earnings per share (EPS) estimates for shares of State Street in a report released on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings per share of $2.03 for the quarter, down from their prior forecast 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.

STT has been the subject of a number of other research reports. UBS Group lifted their price objective on State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research note on Friday, April 12th. Keefe, Bruyette & Woods cut their price target on State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Bank of America restated an “underperform” rating and issued a $81.00 price target on shares of State Street in a research note on Thursday, January 4th. Barclays lifted their price target on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Evercore ISI lifted their price target on State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating, seven 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 an average price target of $84.04.

State Street Stock Performance

NYSE STT opened at $72.81 on Tuesday. The stock has a 50-day simple moving average of $73.97 and a two-hundred day simple moving average of $72.37. The firm has a market capitalization of $21.98 billion, a P/E ratio of 13.63, a PEG ratio of 1.40 and a beta of 1.52. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.55 and a current ratio of 0.61.

State Street (NYSE:STT) last issued its 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. The company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $2.95 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the business posted $2.07 EPS.

Institutional Trading of State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dagco Inc. purchased a new stake in State Street in the fourth quarter valued at approximately $26,000. CVA Family Office LLC purchased a new stake in shares of State Street during the fourth quarter worth $27,000. Venturi Wealth Management LLC increased its position in shares of State Street by 92.5% during the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of State Street during the fourth quarter worth $35,000. Finally, Norwood Financial Corp purchased a new stake in shares of State Street during the first quarter worth $35,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, EVP Anthony Bisegna sold 2,606 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Anthony Bisegna sold 2,606 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $73.00, for a total value of $190,238.00. Following the completion of the sale, the executive vice president now directly owns 17,737 shares in the company, valued at approximately $1,294,801. The disclosure for this sale can be found here. Insiders have sold a total of 18,864 shares of company stock worth $1,390,597 in the last ninety days. Insiders own 0.25% of the company’s stock.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.79%. The ex-dividend date was Thursday, March 28th. State Street’s dividend 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.