Zacks Research Comments on State Street Co.’s Q1 2024 Earnings (NYSE:STT)

State Street Co. (NYSE:STTFree Report) – Equities research analysts at Zacks Research increased their Q1 2024 EPS estimates for State Street in a research report issued on Friday, February 9th. Zacks Research analyst S. Shah now expects that the asset manager will earn $1.38 per share for the quarter, up from their prior estimate of $1.27. The consensus estimate for State Street’s current full-year earnings is $7.84 per share. Zacks Research also issued estimates for State Street’s Q2 2024 earnings at $2.00 EPS, Q3 2024 earnings at $2.04 EPS, FY2024 earnings at $7.54 EPS, Q2 2025 earnings at $2.26 EPS, Q3 2025 earnings at $2.34 EPS, FY2025 earnings at $8.39 EPS and FY2026 earnings at $10.05 EPS.

State Street (NYSE:STTGet Free Report) last posted its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $2.95 billion. State Street had a net margin of 10.59% and a return on equity of 11.86%. State Street’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.07 earnings per share.

A number of other research firms also recently weighed in on STT. Wells Fargo & Company reissued an “overweight” rating and set a $83.00 price target on shares of State Street in a research note on Wednesday, December 6th. The Goldman Sachs Group raised shares of State Street from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $69.00 to $92.00 in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods dropped their price target on shares of State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Royal Bank of Canada boosted their price target on shares of State Street from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Monday, January 22nd. Finally, Morgan Stanley upped their target price on shares of State Street from $83.00 to $88.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 30th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $81.83.

Get Our Latest Report on STT

State Street Trading Up 1.0 %

STT opened at $73.60 on Monday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.55 and a quick ratio of 0.51. The company has a market cap of $22.71 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 1.46 and a beta of 1.53. The firm has a 50 day simple moving average of $75.55 and a 200 day simple moving average of $71.03. State Street has a fifty-two week low of $62.78 and a fifty-two week high of $94.74.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in State Street in the fourth quarter valued at $184,482,000. Morgan Stanley lifted its stake in State Street by 31.1% in the fourth 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 last quarter. Eaton Vance Management lifted its stake in State Street by 159.8% in the first quarter. Eaton Vance Management now owns 1,750,857 shares of the asset manager’s stock valued at $152,535,000 after acquiring an additional 1,077,013 shares during the last quarter. AustralianSuper Pty Ltd lifted its stake in State Street by 327.0% in the third quarter. AustralianSuper Pty Ltd now owns 1,325,417 shares of the asset manager’s stock valued at $88,750,000 after acquiring an additional 1,015,022 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new stake in State Street in the fourth quarter valued at $45,687,000. Institutional investors and hedge funds own 89.62% of the company’s stock.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Tuesday, January 2nd were issued a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend was Friday, December 29th. State Street’s dividend payout ratio (DPR) is presently 50.27%.

State Street Company Profile

(Get Free Report)

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Further Reading

Earnings History and Estimates for State Street (NYSE:STT)

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