State Street Co. to Post Q2 2024 Earnings of $1.95 Per Share, Zacks Research Forecasts (NYSE:STT)

State Street Co. (NYSE:STT) – Analysts at Zacks Research dropped their Q2 2024 earnings per share (EPS) estimates for State Street in a research note issued to investors on Wednesday, May 1st. Zacks Research analyst S. Shah now expects that the asset manager will earn $1.95 per share for the quarter, down from their prior forecast of $2.01. 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 Q3 2024 earnings at $2.04 EPS, Q2 2025 earnings at $2.27 EPS, Q3 2025 earnings at $2.36 EPS, Q4 2025 earnings at $2.24 EPS, FY2025 earnings at $8.43 EPS, Q1 2026 earnings at $1.77 EPS and FY2026 earnings at $9.86 EPS.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 12th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.48 by $0.21. The business had revenue of $3.14 billion during the quarter, compared to analysts’ expectations of $3.06 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%.

A number of other brokerages have also recently commented on STT. Evercore ISI upped their price target on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Royal Bank of Canada upped their price target on State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, January 22nd. UBS Group increased 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. Argus increased their target price on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. increased their target price on State Street from $79.50 to $80.50 in a research report on Friday, April 12th. Two investment 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 data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $84.04.

State Street Stock Performance

Shares of STT opened at $74.39 on Monday. 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 business has a 50-day simple moving average of $74.26 and a two-hundred day simple moving average of $73.11. The stock has a market cap of $22.46 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.32 and a beta of 1.52. State Street has a 52 week low of $62.78 and a 52 week high of $79.90.

Hedge Funds Weigh In On State Street

Hedge funds have recently added to or reduced their stakes in the company. CVA Family Office LLC purchased a new position in shares of State Street during the fourth quarter valued at approximately $27,000. Venturi Wealth Management LLC boosted its holdings in State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in State Street in the 4th quarter valued at $35,000. Norwood Financial Corp purchased a new stake in State Street in the first quarter worth $35,000. Finally, Accent Capital Management LLC bought a new stake in shares of State Street during the fourth quarter worth $39,000. 87.44% of the stock is currently owned by institutional investors.

Insider Activity at State Street

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

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Thursday, March 28th. State Street’s payout ratio 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.