State Street Co. (NYSE:STT) to Post Q2 2023 Earnings of $2.06 Per Share, Zacks Research Forecasts

Posted by Defense World Staff on Mar 18th, 2023

State Street Co. (NYSE:STT – Get Rating) – Equities researchers at Zacks Research raised their Q2 2023 EPS estimates for State Street in a research note issued to investors on Tuesday, March 14th. Zacks Research analyst S. Shah now expects that the asset manager will earn $2.06 per share for the quarter, up from their previous estimate of $2.05. The consensus estimate for State Street’s current full-year earnings is $8.59 per share. Zacks Research also issued estimates for State Street’s FY2024 earnings at $8.66 EPS and FY2025 earnings at $10.06 EPS.

A number of other research analysts also recently weighed in on the stock. Bank of America assumed coverage on shares of State Street in a research report on Thursday, January 12th. They issued a “neutral” rating and a $86.00 price objective for the company. Citigroup upped their price objective on shares of State Street from $81.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday, December 1st. Morgan Stanley decreased their price objective on shares of State Street from $96.00 to $95.00 and set an “equal weight” rating for the company in a research report on Friday, March 10th. Barclays upped their price objective on shares of State Street from $95.00 to $116.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Finally, The Goldman Sachs Group started coverage on shares of State Street in a research report on Wednesday, January 4th. They set a “neutral” rating for the company. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, State Street has a consensus rating of “Hold” and a consensus price target of $88.68.

State Street Trading Down 4.0 %

Shares of State Street stock opened at $71.77 on Friday. The firm has a 50-day simple moving average of $86.76 and a two-hundred day simple moving average of $77.48. The company has a market cap of $24.72 billion, a P/E ratio of 9.98, a price-to-earnings-growth ratio of 1.00 and a beta of 1.59. State Street has a fifty-two week low of $58.62 and a fifty-two week high of $94.74. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.56 and a current ratio of 0.56.

Institutional Trading of State Street

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of State Street by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager’s stock valued at $2,997,806,000 after buying an additional 146,048 shares during the period. State Street Corp grew its stake in shares of State Street by 7.9% in the 3rd quarter. State Street Corp now owns 18,758,945 shares of the asset manager’s stock valued at $1,152,445,000 after buying an additional 1,365,681 shares during the period. Geode Capital Management LLC grew its stake in shares of State Street by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 7,517,455 shares of the asset manager’s stock valued at $582,069,000 after buying an additional 60,433 shares during the period. Morgan Stanley grew its stake in shares of State Street by 31.1% in the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager’s stock valued at $467,876,000 after buying an additional 1,430,237 shares during the period. Finally, Cooke & Bieler LP boosted its position in shares of State Street by 2.6% during the 4th quarter. Cooke & Bieler LP now owns 4,161,803 shares of the asset manager’s stock worth $322,831,000 after purchasing an additional 107,361 shares during the period. Hedge funds and other institutional investors own 88.41% of the company’s stock.

Insider Activity at State Street

In related news, CAO Ian Appleyard sold 6,725 shares of the company’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $88.42, for a total transaction of $594,624.50. Following the completion of the sale, the chief accounting officer now owns 14,493 shares of the company’s stock, valued at approximately $1,281,471.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP John Plansky sold 11,168 shares of the stock in a transaction that occurred on Friday, February 17th. The shares were sold at an average price of $92.22, for a total value of $1,029,912.96. Following the completion of the sale, the executive vice president now owns 42,455 shares of the company’s stock, valued at approximately $3,915,200.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Ian Appleyard sold 6,725 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $88.42, for a total transaction of $594,624.50. Following the completion of the sale, the chief accounting officer now directly owns 14,493 shares of the company’s stock, valued at approximately $1,281,471.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,893 shares of company stock valued at $2,923,987. Corporate insiders own 0.25% of the company’s stock.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Monday, April 3rd will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, March 31st. This represents a $2.52 annualized dividend and a yield of 3.51%. State Street’s dividend payout ratio is presently 35.05%.

About State Street

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State Street Corp. engages in the provision of financial services to institutional investors. It operates through the Commercial and Financial, and Commercial Real Estate segments. The company was founded in 1792 and is headquartered in Boston, MA.