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State Street Corporation STT

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Low Rate Headwinds Persist, but State Street Benefiting From Market Appreciation

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Wide-moat State Street reported a solid start to 2021 though interest-rate headwinds continue to weigh on the firm. Revenue for the quarter was $2.95 billion, 2% above the FactSet consensus of $2.88 billion. Adjusted earnings per share of $1.47 also beat the consensus of $1.35. State Street is benefiting from market appreciation and client trading volumes. As we tweak our capital structure and servicing fee estimates, we are increasing our fair value estimate to $76 from $70.

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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 $38.8 trillion in assets under custody and administration and $3.5 trillion assets under management as of Dec. 31, 2020, State Street operates globally in more than 100 geographic markets and employs more than 38,000 worldwide.

One Lincoln Street
Boston, MA, 02111
T +1 617 786-3000
Sector Financial Services
Industry Asset Management
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 39,318