State Street Co. (NYSE:STT – Get Rating) – Stock analysts at Jefferies Financial Group cut their Q1 2023 EPS estimates for State Street in a report released on Sunday, January 22nd. Jefferies Financial Group analyst K. Usdin now forecasts that the asset manager will post earnings per share of $1.74 for the quarter, down from their previous estimate of $1.79. The consensus estimate for State Street’s current full-year earnings is $8.31 per share. Jefferies Financial Group also issued estimates for State Street’s Q4 2024 earnings at $2.58 EPS.
STT has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of State Street from $82.00 to $85.00 in a research note on Wednesday, January 11th. Morgan Stanley raised their target price on shares of State Street from $88.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday. Citigroup raised their target price on shares of State Street from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, December 1st. Bank of America began coverage on shares of State Street in a research note on Thursday, January 12th. They set a “neutral” rating and a $86.00 target price for the company. Finally, Wells Fargo & Company raised their target price on shares of State Street to $86.00 in a research note on Monday, December 12th. Ten equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, State Street currently has a consensus rating of “Hold” and an average target price of $87.68.
State Street Stock Performance
Institutional Investors Weigh In On State Street
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ronald Blue Trust Inc. bought a new stake in State Street during the 2nd quarter valued at about $25,000. Venture Visionary Partners LLC bought a new stake in shares of State Street in the 2nd quarter valued at about $27,000. Guardian Wealth Advisors LLC bought a new stake in shares of State Street in the 3rd quarter valued at about $27,000. Accurate Wealth Management LLC bought a new stake in shares of State Street in the 4th quarter valued at about $29,000. Finally, Rise Advisors LLC bought a new stake in shares of State Street in the 3rd quarter valued at about $36,000. Institutional investors own 88.41% of the company’s stock.
State Street Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Tuesday, January 3rd were issued a dividend of $0.63 per share. The ex-dividend date was Friday, December 30th. This represents a $2.52 dividend on an annualized basis and a yield of 2.90%. State Street’s payout ratio is 35.05%.
State Street Company Profile
State Street Corp. operates as a financial holding company. It conducts business primarily through State Street Bank. The firm operates through following business lines: Investment Servicing and Investment Management. The Investment Servicing business offers custody, product and participant-level accounting, daily pricing and administration, master trust and master custody, record-keeping, cash management, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loans and lease financing, investment manager and alternative investment manager operations outsourcing, and performance, risk and compliance analytics.
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