State Street Co. (NYSE:STT) Forecasted to Post Q3 2024 Earnings of $2.06 Per Share

State Street Co. (NYSE:STT) – Stock analysts at Zacks Research upped their Q3 2024 earnings per share estimates for shares of State Street in a research note issued on Friday, September 13th. Zacks Research analyst S. Shah now forecasts that the asset manager will post earnings of $2.06 per share for the quarter, up from their previous estimate of $2.04. The consensus estimate for State Street’s current full-year earnings is $8.14 per share. Zacks Research also issued estimates for State Street’s Q4 2024 earnings at $2.16 EPS, FY2024 earnings at $8.05 EPS, Q1 2025 earnings at $1.65 EPS, Q2 2025 earnings at $2.37 EPS, Q3 2025 earnings at $2.46 EPS, Q4 2025 earnings at $2.38 EPS, FY2025 earnings at $8.86 EPS, Q1 2026 earnings at $1.91 EPS and FY2026 earnings at $10.12 EPS.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the previous year, the business earned $2.17 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year.

Other research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft lowered their price target on State Street from $80.00 to $79.00 and set a “hold” rating on the stock in a report on Thursday, August 15th. Citigroup lifted their target price on State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Evercore ISI upped their target price on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Wolfe Research reaffirmed an “underperform” rating and set a $73.00 price objective on shares of State Street in a research report on Monday, July 8th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and a consensus price target of $88.89.

State Street Price Performance

Shares of NYSE:STT opened at $86.69 on Monday. The company’s fifty day moving average is $82.50 and its two-hundred day moving average is $77.23. The company has a market cap of $25.89 billion, a P/E ratio of 16.23, a price-to-earnings-growth ratio of 1.34 and a beta of 1.48. State Street has a 12-month low of $62.78 and a 12-month high of $87.26. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.51%. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s dividend payout ratio is currently 51.69%.

Hedge Funds Weigh In On State Street

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. LRI Investments LLC acquired a new stake in State Street in the 1st quarter worth $25,000. Ashton Thomas Private Wealth LLC acquired a new position in State Street in the 2nd quarter valued at approximately $27,000. Norwood Financial Corp acquired a new position in State Street in the 1st quarter valued at approximately $35,000. Versant Capital Management Inc lifted its position in shares of State Street by 411.9% in the 2nd quarter. Versant Capital Management Inc now owns 517 shares of the asset manager’s stock worth $38,000 after acquiring an additional 416 shares during the period. Finally, Accent Capital Management LLC acquired a new stake in shares of State Street during the 4th quarter worth approximately $39,000. Institutional investors own 87.44% of the company’s stock.

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.