Zacks Research Comments on State Street Co.’s FY2024 Earnings (NYSE:STT)

State Street Co. (NYSE:STT) – Investment analysts at Zacks Research lifted their FY2024 earnings per share estimates for State Street in a research report issued to clients and investors on Wednesday, May 1st. Zacks Research analyst S. Shah now forecasts that the asset manager will post earnings of $7.83 per share for the year, up from their previous forecast of $7.64. The consensus estimate for State Street’s current full-year earnings is $7.93 per share. Zacks Research also issued estimates for State Street’s Q1 2025 earnings at $1.56 EPS.

Several other research firms have also recently weighed in on STT. UBS Group upped their price target on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, April 12th. Keefe, Bruyette & Woods lowered their price objective on shares of State Street from $89.00 to $86.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. Evercore ISI upped their price objective on shares of State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. JPMorgan Chase & Co. lifted their target price on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Finally, 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 note on Monday, January 22nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $84.04.

State Street Trading Up 1.6 %

Shares of STT stock opened at $74.39 on Friday. The company’s fifty day simple moving average is $74.24 and its two-hundred day simple moving average is $72.98. The stock has a market capitalization of $22.46 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.30 and a beta of 1.52. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.55. State Street has a 1 year low of $62.78 and a 1 year high of $79.90.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were given 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 of this dividend was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Insider Buying and Selling at State Street

In related news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Eric W. Aboaf sold 12,000 shares of the firm’s stock in a transaction 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 legal filing with the SEC, which is available through the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,864 shares of company stock valued at $1,390,597. 0.31% of the stock is owned by company insiders.

Institutional Trading of State Street

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in State Street during the 4th quarter valued at approximately $147,421,000. AustralianSuper Pty Ltd lifted its holdings in shares of State Street by 327.0% in 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 purchased a new position in shares of State Street in the fourth quarter worth $45,687,000. Balyasny Asset Management L.P. boosted its position in shares of State Street by 57.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock worth $121,145,000 after acquiring an additional 573,016 shares during the last quarter. Finally, Private Management Group Inc. purchased a new position in State Street during the third quarter valued at $36,022,000. 87.44% of the stock is currently owned by institutional investors.

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.