Zacks Research Lifts Earnings Estimates for State Street

State Street Co. (NYSE:STT - Free Report) - Investment analysts at Zacks Research boosted their FY2024 earnings per share (EPS) estimates for shares of State Street in a research note issued on Tuesday, December 17th. Zacks Research analyst R. Department now anticipates that the asset manager will post earnings of $8.33 per share for the year, up from their previous estimate of $8.32. The consensus estimate for State Street's current full-year earnings is $8.42 per share. Zacks Research also issued estimates for State Street's Q4 2024 earnings at $2.23 EPS, Q4 2025 earnings at $2.50 EPS, FY2025 earnings at $9.15 EPS and Q1 2026 earnings at $1.98 EPS.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.14. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company's revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.93 earnings per share.

STT has been the topic of a number of other research reports. Evercore ISI lifted their price target on shares of State Street from $89.00 to $94.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of State Street from $90.00 to $95.00 and gave the company a "hold" rating in a research report on Monday, November 11th. Wells Fargo & Company upped their target price on shares of State Street from $106.00 to $108.00 and gave the stock an "overweight" rating in a research note on Friday, November 15th. Barclays boosted their price target on State Street from $103.00 to $108.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods upgraded shares of State Street from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, State Street has an average rating of "Hold" and a consensus price target of $97.32.

State Street Stock Up 0.7 %

Shares of NYSE:STT traded up $0.68 during trading on Thursday, hitting $95.42. 2,089,631 shares of the company's stock traded hands, compared to its average volume of 2,217,131. The company has a 50-day moving average price of $95.39 and a 200-day moving average price of $85.89. State Street has a 52 week low of $70.20 and a 52 week high of $101.91. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The company has a market cap of $27.97 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Investors of record on Thursday, January 2nd will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.19%. State Street's dividend payout ratio (DPR) is currently 48.03%.

Insider Activity at State Street

In other news, EVP John Plansky sold 13,859 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the transaction, the executive vice president now directly owns 55,108 shares of the company's stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares of the company's stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,460 shares of company stock worth $2,499,860. Insiders own 0.31% of the company's stock.

Hedge Funds Weigh In On State Street

Several institutional investors and hedge funds have recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new stake in State Street during the 2nd quarter worth approximately $27,000. Coastline Trust Co acquired a new stake in shares of State Street during the third quarter worth $44,000. Capital Performance Advisors LLP acquired a new stake in shares of State Street during the third quarter worth $54,000. Family Firm Inc. bought a new stake in shares of State Street in the second quarter valued at about $61,000. Finally, LRI Investments LLC grew its stake in shares of State Street by 202.7% in the second quarter. LRI Investments LLC now owns 993 shares of the asset manager's stock valued at $73,000 after acquiring an additional 665 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Company Profile

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.