State Street Co. (NYSE:STT – Get Rating) – Analysts at Seaport Res Ptn increased their FY2022 EPS estimates for shares of State Street in a report released on Thursday, January 5th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings of $7.34 per share for the year, up from their prior estimate of $7.15. The consensus estimate for State Street’s current full-year earnings is $7.24 per share. Seaport Res Ptn also issued estimates for State Street’s Q4 2022 earnings at $1.99 EPS, Q1 2023 earnings at $1.75 EPS, Q2 2023 earnings at $2.31 EPS, Q3 2023 earnings at $2.43 EPS, Q4 2023 earnings at $2.45 EPS and FY2024 earnings at $9.85 EPS.
Other analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of State Street from $66.00 to $77.00 and gave the stock a “hold” rating in a research report on Tuesday, November 15th. The Goldman Sachs Group assumed coverage on shares of State Street in a research note on Wednesday, January 4th. They set a “neutral” rating for the company. Morgan Stanley cut shares of State Street from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, December 6th. Citigroup boosted their price target on shares of State Street from $81.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, December 1st. Finally, Barclays boosted their price target on shares of State Street from $95.00 to $116.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Nine equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus target price of $87.12.
State Street Stock Performance
State Street (NYSE:STT – Get Rating) last released its earnings results on Tuesday, October 18th. The asset manager reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.03. State Street had a net margin of 22.48% and a return on equity of 11.72%. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the firm posted $2.00 earnings per share. The firm’s quarterly revenue was down 1.0% compared to the same quarter last year.
Institutional Investors Weigh In On State Street
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of State Street by 0.4% during the first quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager’s stock worth $2,997,806,000 after buying an additional 146,048 shares in the last quarter. State Street Corp grew its position in State Street by 7.9% in the third quarter. State Street Corp now owns 18,758,945 shares of the asset manager’s stock valued at $1,152,445,000 after acquiring an additional 1,365,681 shares during the last quarter. Cooke & Bieler LP grew its position in State Street by 37.6% in the second quarter. Cooke & Bieler LP now owns 4,095,509 shares of the asset manager’s stock valued at $252,489,000 after acquiring an additional 1,118,713 shares during the last quarter. LSV Asset Management grew its position in State Street by 0.8% in the third quarter. LSV Asset Management now owns 3,608,913 shares of the asset manager’s stock valued at $219,458,000 after acquiring an additional 29,500 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in State Street by 5.5% in the second quarter. Nordea Investment Management AB now owns 3,572,222 shares of the asset manager’s stock valued at $216,905,000 after acquiring an additional 185,913 shares during the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.
State Street Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Friday, December 30th. State Street’s dividend payout ratio is 35.69%.
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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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