Seaport Res Ptn Weighs in on State Street Co.’s Q3 2024 Earnings (NYSE:STT)

State Street Co. (NYSE:STT) – Stock analysts at Seaport Res Ptn lowered their Q3 2024 EPS estimates for shares of State Street in a report issued on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings of $2.03 per share for the quarter, down from their prior estimate of $2.09. The consensus estimate for State Street’s current full-year earnings is $7.85 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.

Several other brokerages also recently commented on STT. Keefe, Bruyette & Woods decreased their target price on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. UBS Group boosted their price objective on shares of State Street from $80.00 to $82.00 and gave the company a “neutral” rating in a research report on Friday. Royal Bank of Canada boosted their price objective on shares of State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research report on Monday, January 22nd. Evercore ISI boosted their price objective on shares of State Street from $85.00 to $88.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Finally, Morgan Stanley boosted their price objective on shares of State Street from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average price target of $84.04.

State Street Stock Down 1.1 %

Shares of NYSE STT opened at $74.93 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. State Street has a 52 week low of $62.78 and a 52 week high of $79.90. The firm’s fifty day moving average is $73.96 and its 200 day moving average is $72.32. The company has a market cap of $22.62 billion, a price-to-earnings ratio of 14.03, a PEG ratio of 1.42 and a beta of 1.52.

State Street (NYSE:STT) last issued its earnings results on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.83 by $0.21. State Street had a net margin of 9.62% and a return on equity of 12.03%. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same period in the previous year, the firm earned $2.07 earnings per share. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Monday, April 1st were given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio is presently 51.69%.

Insider Transactions at State Street

In related news, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the transaction, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the transaction, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock valued at $1,390,597 in the last three months. 0.31% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On State Street

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in State Street by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager’s stock valued at $2,997,806,000 after acquiring an additional 146,048 shares during the period. Invesco Ltd. lifted its stake in State Street by 0.3% during the 3rd quarter. Invesco Ltd. now owns 10,434,030 shares of the asset manager’s stock valued at $698,663,000 after acquiring an additional 29,190 shares during the period. Morgan Stanley lifted its stake in State Street by 31.1% during the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager’s stock valued at $467,876,000 after acquiring an additional 1,430,237 shares during the period. JPMorgan Chase & Co. lifted its stake in State Street by 10.5% during the 1st quarter. JPMorgan Chase & Co. now owns 4,935,279 shares of the asset manager’s stock valued at $373,551,000 after acquiring an additional 469,309 shares during the period. Finally, Northern Trust Corp lifted its stake in State Street by 4.1% during the 3rd quarter. Northern Trust Corp now owns 4,624,813 shares of the asset manager’s stock valued at $309,677,000 after acquiring an additional 180,093 shares during the period. Institutional investors 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.