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State Street Corporation STT

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Stock XNYS Rating as of
$72.81 −0.21 (0.29%)
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As of Delayed Price Closed
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Company Report

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State Street Earnings: Decent Start to 2024 as Revenue Outlook Tweaked Higher

Rajiv Bhatia

State Street is off to a decent start to 2024. First-quarter revenue of $3.14 billion and adjusted EPS of $1.69 edged out the respective FactSet consensus estimates of $3.06 billion and $1.49. Net interest income, which tends to be more volatile than fee revenue, was the driver of the beat. State Street did tweak its outlook higher, but our model was above the firm’s prior outlook. Overall, we will maintain our wide moat rating and fair value estimate of $74 and regard shares as being roughly fairly valued.

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Price vs Fair Value

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STT is trading within a range we consider fairly valued.
Price
$73.02
Fair Value
$59.00
Uncertainty
High
1-Star Price
$422.10
5-Star Price
$36.90
Economic Moat
Vhy
Capital Allocation
Mgnbgstb

Bulls Say, Bears Say

Bulls

With the acquisition of Charles River Development, State Street’s front-to-back offerings offer competitive advantages and should lead to a greater wallet share of clients and stickier client relationships.

Bears

Fee compression and lower margins in the asset-management industry could result in asset managers being more conscious of their costs and limit the pricing power of custody banks. Pricing power can also manifest itself in higher funding costs on deposits.

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News

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Trading Information

Previous Close Price
$73.02
Day Range
$72.13–73.56
52-Week Range
$62.78–79.90
Bid/Ask
$69.81 / $78.58
Market Cap
$21.95 Bil
Volume/Avg
2.3 Mil / 2.4 Mil

Key Statistics

Price/Earnings (Normalized)
9.53
Price/Sales
1.93
Dividend Yield (Trailing)
3.70%
Dividend Yield (Forward)
3.78%
Total Yield
21.30%

Company Profile

State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $42 trillion in assets under custody and administration and $4.1 trillion assets under management as of Dec. 31, 2023, State Street operates globally in more than 100 geographic markets and employs more than 46,000 worldwide.
Sector
Financial Services
Industry
Asset Management
Stock Style Box
Mid Value
Total Number of Employees
46,000
Website
https://www.statestreet.com

Competitors

Valuation

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Metric
STT
NTRS
BK
Price/Earnings (Normalized)
 9.5312.6610.67
Price/Book Value
 1.001.451.11
Price/Sales
 1.932.462.40
Price/Cash Flow
 7.366.248.88
Price/Earnings
STT
NTRS
BK

Financial Strength

Metric
STT
NTRS
BK
Quick Ratio
 ———
Current Ratio
 ———
Interest Coverage
 ———
Quick Ratio
No chart available

Profitability

Metric
STT
NTRS
BK
Return on Assets (Normalized)
 0.85%0.75%0.75%
Return on Equity (Normalized)
 11.19%10.55%8.57%
Return on Invested Capital (Normalized)
 ———
Return on Assets
STT
NTRS
BK
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