FY2024 EPS Estimates for State Street Co. Raised by Zacks Research (NYSE:STT)

State Street Co. (NYSE:STT) – Research analysts at Zacks Research boosted their FY2024 earnings per share estimates for shares of State Street in a research note issued to investors on Wednesday, May 1st. Zacks Research analyst S. Shah now anticipates that the asset manager will earn $7.83 per share 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.

STT has been the topic of a number of other reports. JPMorgan Chase & Co. boosted their price objective on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Evercore ISI upped their price target on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Morgan Stanley lifted their price objective on State Street from $89.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. UBS Group upped their target price on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Finally, Royal Bank of Canada raised their price target on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $84.04.

State Street Price Performance

Shares of STT opened at $74.39 on Friday. The business’s 50-day moving average is $74.26 and its 200-day moving average is $73.04. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. The company has a market capitalization of $22.46 billion, a price-to-earnings ratio of 13.93, a P/E/G ratio of 1.30 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.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in State Street in the 4th quarter worth $147,421,000. AustralianSuper Pty Ltd grew its position in State Street by 327.0% during the third quarter. AustralianSuper Pty Ltd now owns 1,325,417 shares of the asset manager’s stock worth $88,750,000 after buying an additional 1,015,022 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc bought a new position in State Street during the fourth quarter valued at about $45,687,000. Balyasny Asset Management L.P. raised its holdings in State Street by 57.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after acquiring an additional 573,016 shares in the last quarter. Finally, Private Management Group Inc. bought a new stake in shares of State Street in the 3rd quarter worth approximately $36,022,000. Institutional investors own 87.44% of the company’s stock.

Insider Activity

In related news, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $73.64, for a total transaction of $313,559.12. Following the completion of the sale, the executive vice president now directly owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other State Street news, CFO Eric W. Aboaf sold 12,000 shares of State Street 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 of the company’s stock, valued at approximately $11,015,755.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was 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 of the company’s stock, valued at $1,717,873.92. The disclosure for this sale can be found here. Insiders have sold a total of 18,864 shares of company stock valued at $1,390,597 over the last 90 days. 0.31% of the stock is currently owned by company insiders.

State Street Dividend Announcement

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

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, 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.