Jefferies Financial Group Comments on State Street Co.’s Q2 2023 Earnings (NYSE:STT)

State Street Co. (NYSE:STT – Get Rating) – Analysts at Jefferies Financial Group lifted their Q2 2023 earnings per share estimates for State Street in a report issued on Sunday, January 22nd. Jefferies Financial Group analyst K. Usdin now forecasts that the asset manager will earn $2.15 per share for the quarter, up from their previous forecast of $2.12. The consensus estimate for State Street’s current full-year earnings is $8.26 per share. Jefferies Financial Group also issued estimates for State Street’s Q3 2023 earnings at $2.30 EPS, Q4 2023 earnings at $2.35 EPS, Q1 2024 earnings at $1.81 EPS, Q2 2024 earnings at $2.32 EPS, Q3 2024 earnings at $2.47 EPS and FY2024 earnings at $9.15 EPS.

STT has been the topic of several other research reports. StockNews.com assumed coverage on State Street in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Wells Fargo & Company increased their target price on State Street to $86.00 in a research note on Monday, December 12th. Morgan Stanley increased their target price on State Street from $88.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft increased their target price on State Street from $82.00 to $85.00 in a research note on Wednesday, January 11th. Finally, Citigroup increased their target price on State Street from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, December 1st. Ten equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $87.68.

State Street Trading Up 0.9 %

Shares of STT opened at $87.03 on Tuesday. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.65. State Street has a 12-month low of $58.62 and a 12-month high of $103.76. The firm has a market capitalization of $31.93 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.42 and a beta of 1.57. The stock’s fifty day simple moving average is $79.00 and its 200-day simple moving average is $72.61.

Institutional Investors Weigh In On State Street

Large investors have recently modified their holdings of the business. Ronald Blue Trust Inc. bought a new position in shares of State Street during the second quarter worth about $25,000. Venture Visionary Partners LLC bought a new position in shares of State Street during the second quarter worth about $27,000. Guardian Wealth Advisors LLC bought a new position in shares of State Street during the third quarter worth about $27,000. Accurate Wealth Management LLC bought a new position in shares of State Street during the fourth quarter worth about $29,000. Finally, Rise Advisors LLC bought a new position in shares of State Street during the third quarter worth about $36,000. 88.41% of the stock is currently owned by institutional investors.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 13th. Shareholders of record on Tuesday, January 3rd were issued a $0.63 dividend. The ex-dividend date was Friday, December 30th. This represents a $2.52 annualized dividend and a dividend yield of 2.90%. State Street’s dividend payout ratio (DPR) is currently 35.05%.

State Street Company Profile

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State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The firm operates through following business lines: Investment Servicing and Investment Management. The Investment Servicing business offers custody, product and participant-level accounting, daily pricing and administration, master trust and master custody, record-keeping, cash management, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loans and lease financing, investment manager and alternative investment manager operations outsourcing, and performance, risk and compliance analytics.