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State Street Corporation STT

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Capital Allocation

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State Street Finishes Year With No Big Surprises

Rajiv Bhatia Equity Analyst

Analyst Note

| Rajiv Bhatia |

Wide-moat-rated State Street reported decent fourth-quarter results. Revenue of $2.92 billion exceeded the FactSet consensus of $2.82 billion by 4%. The firm reported adjusted EPS of $1.69, which beat the consensus of $1.56. Notable items excluded from adjusted EPS totaled $145 million pretax and consisted of $82 million of severance, $51 million in real estate rationalization, and $12 million in acquisition and restructuring. As a result, GAAP EPS was $1.39 during the quarter. We will be tweaking our model, but we do not expect a large change in our fair value estimate.

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Company Profile

Business Description

State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $36 trillion in assets under custody and administration and $3.1 trillion assets under management as of Sept. 30, 2020, State Street operates globally in more than 100 geographic markets and employs more than 38,000 worldwide.

Contact
One Lincoln Street
Boston, MA, 02111
T +1 617 786-3000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 38,979

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