Equities Analysts Set Expectations for State Street Co.’s Q1 2024 Earnings (NYSE:STT)

State Street Co. (NYSE:STT) – Stock analysts at Seaport Res Ptn cut their Q1 2024 earnings per share (EPS) estimates for State Street in a research report issued to clients and investors on Thursday, April 4th. Seaport Res Ptn analyst J. Mitchell now expects that the asset manager will post earnings per share of $1.44 for the quarter, down from their previous forecast of $1.57. The consensus estimate for State Street’s current full-year earnings is $7.86 per share. Seaport Res Ptn also issued estimates for State Street’s Q2 2024 earnings at $1.99 EPS and Q4 2024 earnings at $2.22 EPS.

STT has been the subject of several other reports. Keefe, Bruyette & Woods reduced their price objective on 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. Barclays lifted their price target on State Street from $87.00 to $102.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. UBS Group lifted their price target on State Street from $70.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, January 9th. Royal Bank of Canada lifted their price target on State Street from $75.00 to $85.00 and gave the company a “sector perform” rating in a research report on Monday, January 22nd. Finally, The Goldman Sachs Group upgraded State Street from a “neutral” rating to a “buy” rating and lifted their price target for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $82.92.

State Street Trading Up 0.3 %

Shares of NYSE:STT opened at $76.64 on Monday. State Street has a 52-week low of $62.78 and a 52-week high of $81.37. The stock has a market cap of $23.14 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 1.32 and a beta of 1.52. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.86. The business has a 50-day moving average price of $73.85 and a 200-day moving average price of $72.11.

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

Institutional Trading of State Street

A number of institutional investors have recently made changes to their positions in the company. Symmetry Partners LLC boosted its stake in shares of State Street by 3.5% in the first quarter. Symmetry Partners LLC now owns 3,802 shares of the asset manager’s stock worth $294,000 after acquiring an additional 130 shares during the last quarter. IFP Advisors Inc boosted its stake in shares of State Street by 24.9% in the second quarter. IFP Advisors Inc now owns 733 shares of the asset manager’s stock worth $54,000 after acquiring an additional 146 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in shares of State Street by 1.8% in the second quarter. Bleakley Financial Group LLC now owns 8,147 shares of the asset manager’s stock worth $596,000 after acquiring an additional 147 shares during the last quarter. First Manhattan Co. boosted its stake in shares of State Street by 7.5% in the fourth quarter. First Manhattan Co. now owns 2,119 shares of the asset manager’s stock worth $164,000 after acquiring an additional 148 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its stake in shares of State Street by 1.8% in the fourth quarter. Apollon Wealth Management LLC now owns 8,337 shares of the asset manager’s stock worth $647,000 after acquiring an additional 149 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the sale, 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 can be accessed through the SEC website. In other State Street news, EVP Anthony Bisegna sold 2,606 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $73.00, for a total value of $190,238.00. Following the sale, 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 can be accessed through the SEC website. Also, 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 completion of the sale, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,864 shares of company stock valued at $1,390,597. Company insiders own 0.34% of the company’s stock.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 11th. Shareholders of record on Monday, April 1st will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.60%. The ex-dividend date is Thursday, March 28th. State Street’s payout ratio is currently 50.27%.

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.