Zacks Research Equities Analysts Raise Earnings Estimates for State Street Co. (NYSE:STT)

State Street Co. (NYSE:STT) – Investment analysts at Zacks Research raised their FY2024 earnings estimates for shares of State Street in a research report issued on Wednesday, May 1st. Zacks Research analyst S. Shah now anticipates that the asset manager will post earnings per share of $7.83 for the year, up from their previous estimate of $7.64. The consensus estimate for State Street’s current full-year earnings is $7.96 per share. Zacks Research also issued estimates for State Street’s Q1 2025 earnings at $1.56 EPS.

Several other brokerages also recently issued reports on STT. 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 report on Monday, January 22nd. UBS Group raised their target price on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Argus upped their price target on shares of State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Royal Bank of Canada raised their price objective on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. Finally, JPMorgan Chase & Co. boosted their price objective on State Street from $79.50 to $80.50 in a report on Friday, April 12th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $84.04.

State Street Stock Performance

STT opened at $74.39 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The stock has a market cap of $22.46 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.30 and a beta of 1.52. State Street has a 12-month low of $62.78 and a 12-month high of $79.90. The business has a 50 day moving average of $74.26 and a 200-day moving average of $73.04.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is currently 51.69%.

Insider Buying and Selling

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of State Street stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 17,737 shares of the company’s stock, valued at approximately $1,294,801. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $73.00, for a total transaction of $190,238.00. Following the sale, the executive vice president now directly owns 17,737 shares in the company, valued at $1,294,801. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock valued at $1,390,597 over the last 90 days. 0.31% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in STT. Invesco Ltd. increased its stake in shares of State Street by 0.3% in the 3rd quarter. Invesco Ltd. now owns 10,434,030 shares of the asset manager’s stock valued at $698,663,000 after purchasing an additional 29,190 shares during the last quarter. Northern Trust Corp grew its position in State Street by 4.1% in the third 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 last quarter. LSV Asset Management raised its stake in State Street by 0.7% during the fourth quarter. LSV Asset Management now owns 3,658,731 shares of the asset manager’s stock worth $283,405,000 after acquiring an additional 23,756 shares in the last quarter. Metropolis Capital Ltd raised its stake in State Street by 5.3% during the first quarter. Metropolis Capital Ltd now owns 3,645,635 shares of the asset manager’s stock worth $281,880,000 after acquiring an additional 183,591 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of State Street by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,597,783 shares of the asset manager’s stock worth $201,243,000 after acquiring an additional 79,746 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

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.