State Street Co. (NYSE:STT – Get Rating) – Stock analysts at Jefferies Financial Group cut their FY2022 earnings estimates for shares of State Street in a research note issued to investors on Monday, July 11th. Jefferies Financial Group analyst K. Usdin now anticipates that the asset manager will post earnings of $7.05 per share for the year, down from their previous estimate of $7.70. The consensus estimate for State Street’s current full-year earnings is $7.51 per share. Jefferies Financial Group also issued estimates for State Street’s Q4 2022 earnings at $1.85 EPS and FY2023 earnings at $8.45 EPS. State Street (NYSE:STT – Get Rating) last announced its quarterly earnings data on Thursday, April 14th. The asset manager reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.47 by $0.12. The company had revenue of $3.08 billion for the quarter, compared to analysts’ expectations of $3.03 billion. State Street had a net margin of 22.82% and a return on equity of 11.59%. State Street’s revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.47 EPS.
Other equities analysts have also recently issued reports about the stock. Barclays lowered their price target on shares of State Street from $130.00 to $115.00 in a research note on Monday, April 18th. Deutsche Bank Aktiengesellschaft cut shares of State Street from a “buy” rating to a “hold” rating and set a $67.00 price target on the stock. in a research note on Tuesday, June 28th. Piper Sandler lowered their price target on shares of State Street from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, July 1st. JPMorgan Chase & Co. lowered their price target on shares of State Street from $82.00 to $74.50 in a research note on Monday. Finally, Wolfe Research cut shares of State Street from an “outperform” rating to a “peer perform” rating and set a $101.00 price target on the stock. in a research note on Thursday, March 31st. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $84.38.
NYSE:STT opened at $62.36 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.57. State Street has a fifty-two week low of $60.54 and a fifty-two week high of $104.87. The stock has a market cap of $22.89 billion, a PE ratio of 8.45, a price-to-earnings-growth ratio of 1.05 and a beta of 1.60. The firm’s fifty day simple moving average is $66.83 and its 200-day simple moving average is $81.09.
The company also recently announced a quarterly dividend, which was paid on Monday, July 11th. Shareholders of record on Friday, July 1st were issued a $0.57 dividend. The ex-dividend date of this dividend was Thursday, June 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.66%. State Street’s dividend payout ratio (DPR) is 30.89%.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in 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 purchasing an additional 146,048 shares in the last quarter. BlackRock Inc. lifted its holdings in State Street by 0.3% in the 1st quarter. BlackRock Inc. now owns 27,730,795 shares of the asset manager’s stock valued at $2,415,908,000 after purchasing an additional 83,222 shares in the last quarter. State Street Corp lifted its holdings in State Street by 0.5% in the 1st quarter. State Street Corp now owns 18,658,100 shares of the asset manager’s stock valued at $1,636,022,000 after purchasing an additional 85,863 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in State Street by 1.8% in the 1st quarter. JPMorgan Chase & Co. now owns 12,847,141 shares of the asset manager’s stock valued at $1,119,244,000 after purchasing an additional 222,718 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in State Street by 36.4% in the 1st quarter. Invesco Ltd. now owns 9,955,009 shares of the asset manager’s stock valued at $867,281,000 after purchasing an additional 2,654,101 shares in the last quarter. Institutional investors own 91.48% of the company’s stock.
State Street Company Profile (Get Rating)
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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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