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State Street

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.

State Street Corp

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STATE STREET ORD

State Street Corporation Depositary shares, each representing a 1/4,000th ownership interest in a share of Fixed-to-Floating Rate Non-Cumulative

Deutsche Bank analyst Brian Bedell maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Hold and raises the price target from $90 to $95.

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Deutsche Bank Maintains Hold on State Street, Raises Price Target to $95

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Shares of banking and private equity stocks are trading higher after Donald Trump won the US presidential election.

Offerings

State Street Reveals Issuance Of $2.3B In Aggregate Principal Amount Of Senior Debt

The first U.S.-based exchange-traded fund hit a major milestone on Thursday, following recent all-time highs for the <a href="https://www.benzinga.com/news/earnings/24/10/41293799/s-p-500-dow-jones-hit-new-record-highs-as-financial-stocks-soar-on-upbeat-earnings">fund tracking the S&amp;P 500.</a>
What Happened: Launched <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/01/36722143/happy-birthday-s-p-500-spy-etf-if-you-invested-1-000-in-spy-at-launch-heres-how-much-y">in January 1993,</a> the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) is the oldest U.S.-based ETF and the largest by assets under management.
The ETF reached the $600 billion assets under management milestone Thursday, according to data from <a href="https://etfdb.com/etf/SPY/#etf-ticker-profile">ETFDB</a>.
Managed by State Street Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), the ETF was launched with seed funding of $6.5 million after being approved by the U.S. Securities and Exchange Commission in 1993, after several years of the fund's application.
Initial interest in the ETF was poor and the fund was almost closed before investors came around to the idea of using ETFs as investment vehicles.
The success of the SPY ETF led to other financial institutions launching similar ETFs that track the S&amp;P 500 Index, one of the largest and most well-known stock market indexes.
The&nbsp;iShares Core S&amp;P 500 ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IVV#NYSE">IVV</a>)&nbsp;and&nbsp;Vanguard S&amp;P 500 Index Fund ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VOO#NYSE">VOO</a>)&nbsp;launched in 2000 and 2010, respectively.
Today, the three ETFs that track the S&amp;P 500 are the largest in the world, according to <a href="https://etfdb.com/compare/market-cap/" target="_blank" rel="noreferrer noopener">ETFDB, </a>with the following assets under management:
<ul>
<li>SPY: $600 billion</li>
<li>IVV: $544.5 billion</li>
<li>VOO: $544.1 billion</li>
</ul>
Based on the metrics above, SPY's time as the only ETF with $600 billion in assets under management may be short-lived, with the two other large S&amp;P 500 ETFs closely behind. Back in January when the SPY celebrated its 31st anniversary, the assets under management were:
<ul>
<li>SPY:&nbsp;$474 million</li>
<li>IVV: $405 million</li>
<li>VOO: $377 million</li>
</ul>
The difference from January to October shows the strong volume inflows the S&amp;P 500 ETFs are seeing.
Why It's Important: The S&amp;P 500 has set several all-time highs in recent months and the SPY is currently up 23.6% year-to-date in 2024. This year's gain builds on a strong 2023 when the S&amp;P 500 surged over 20%.
Over the last five years, the SPY has averaged a gain of 13.2%. Since its inception, the SPY has averaged an annual return of 10.4%.
One factor that might attract inflows to S&amp;P 500 ETFs in 2024 is that it is a presidential election year.
According to <a href="https://twitter.com/Barchart/status/1739792910667645204?s=20">Barchart</a>, the S&amp;P 500 has posted gains in 13 of the last <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/23/12/36416440/why-buy-stocks-in-a-presidential-election-year-history-has-a-crazy-stat-for-you">15 presidential election years</a>. The only two presidential election years in the previous 60-plus years that saw the S&amp;P 500 down were the global financial crisis and the dot-com bubble.
The average return of the S&amp;P 500 in the presidential election years is 10.5%. Stripping out the global financial crisis and the dot-com bubble, the S&amp;P 500 gained an average of 15.3%. The average gain in presidential election years is higher than the historical average since the SPY&#8217;s inception, with or without the financial crisis and the dot-com bubble stripped out.
Strong net inflows for the SPY ETF have helped State Street in recent months. According to a Morningstar <a href="https://www.etf.com/sites/default/files/2024-10/September_2024_US_Fund_Flows_Chartbook.pdf">report</a>, for the month of September, State Street led the way with $18.4 billion in net flows. The SPY ETF had net inflows of $16 billion in September. State Street topped Vanguard ($17.3 billion) and iShares ($9.9 billion) for September net inflows for ETF companies.
SPY Price Action: The SPY is trading at $584.08 at the time of writing, compared to a 52-week trading range of $409.22 to $586.12.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/education/24/10/41191050/s-p-500-to-end-year-over-6-000-34-of-benzinga-readers-predict-raging-bull-run">S&amp;P 500 To End Year Over 6,000? 34% Of Benzinga Readers Predict &#8216;Raging Bull Run&#8217;</a></li>
</ul>
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Broad U.S. Equity ETFs

ETFs

SPY Reaches $600 Billion In Assets: Oldest US ETF Hits Milestone As All-Time Highs Continue

Barclays analyst Jason Goldberg maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Overweight and raises the price target from $103 to $108.

Barclays Maintains Overweight on State Street, Raises Price Target to $108

Wells Fargo analyst Mike Mayo maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Overweight and raises the price target from $98 to $106.

Wells Fargo Maintains Overweight on State Street, Raises Price Target to $106

Evercore ISI Group analyst Glenn Schorr maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Outperform and raises the price target from $89 to $94.

Evercore ISI Group Maintains Outperform on State Street, Raises Price Target to $94

State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) underwent analysis by 6 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.
The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $93.0, a high estimate of $102.00, and a low estimate of $79.00. This current average has increased by 4.3% from the previous average price target of $89.17. 
<img src="https://www.benzinga.com/files/images/story/2024/1729087276_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
A comprehensive examination of how financial experts perceive State Street is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Connor Lynagh</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$102.00</td>
<td>$100.00</td>
</tr>
<tr>
<td>Connor Lynagh</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$100.00</td>
<td>$93.00</td>
</tr>
<tr>
<td>Alexander Blostein</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Buy</td>
<td>$100.00</td>
<td>$98.00</td>
</tr>
<tr>
<td>Brian Bedell</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$87.00</td>
<td>$79.00</td>
</tr>
<tr>
<td>Brian Bedell</td>
<td>Deutsche Bank</td>
<td>Lowers</td>
<td>Hold</td>
<td>$79.00</td>
<td>$80.00</td>
</tr>
<tr>
<td>Keith Horowitz</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Neutral</td>
<td>$90.00</td>
<td>$85.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to State Street. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of State Street compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of State Street's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Assessing these analyst evaluations alongside crucial financial indicators can provide a comprehensive overview of State Street's market position. Stay informed and make well-judged decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/STT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on State Street analyst ratings.</a>
<h2>Unveiling the Story Behind State Street</h2>
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.
<h3>State Street's Financial Performance</h3>
Market Capitalization Analysis: Falling below industry benchmarks, the company's market capitalization reflects a reduced size compared to peers. This positioning may be influenced by factors such as growth expectations or operational capacity.
Revenue Growth: State Street displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 2.6%. This indicates a notable increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Financials sector.
Net Margin: State Street's net margin falls below industry averages, indicating challenges in achieving strong profitability. With a net margin of 20.53%, the company may face hurdles in effective cost management.
Return on Equity (ROE): State Street's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of 2.96%, the company may face hurdles in achieving optimal financial returns.
Return on Assets (ROA): State Street's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 0.2%, the company may face hurdles in achieving optimal financial returns.
Debt Management: With a high debt-to-equity ratio of 1.49, State Street faces challenges in effectively managing its debt levels, indicating potential financial strain.
<h2>The Significance of Analyst Ratings Explained</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
Breaking: Wall Street's Next Big Mover
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Glimpse Into The Expert Outlook On State Street Through 6 Analysts

Morgan Stanley analyst Connor Lynagh maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Equal-Weight and raises the price target from $100 to $102.

Morgan Stanley Maintains Equal-Weight on State Street, Raises Price Target to $102

A wave of market-relevant news fueled an active trading session on Wall Street Tuesday, with large-cap indices falling due to sharp declines in tech and energy stocks, while small-caps outperformed, led by gains in regional banks.
At the forefront of the headlines is the massive plunge in ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) shares. The Dutch chipmaker&#8217;s stock nosedived over 16% after a technical error prematurely revealed its third-quarter earnings, originally scheduled for Wednesday, <a href="https://www.benzinga.com/markets/equities/24/10/41339229/asml-earnings-leak-sparks-broad-semiconductor-sell-off-sector-down-sharply-as-dutch-chipmaker-lo">on the company&#8217;s website. </a>
The report disclosed weaker-than-expected guidance for 2025, leading to the worst single-day drop in ASML stock since it went public in 2002.
ASML&#8217;s collapse sent shockwaves across the semiconductor sector, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) falling more than 4%, marking its worst performance since early September. Key semiconductor players were hit hard, with NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) down 5% and Arm Holdings PLC-ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) tumbling 7%.
Another underperforming sector was energy. Oil prices plunged 5%, setting up their <a href="https://www.benzinga.com/markets/asia/24/10/41336413/oil-prices-take-largest-plunge-in-over-a-year-as-israel-vows-to-spare-iranian-facilities-energy-stoc">worst trading day in over a year. </a>
The sell-off followed a Monday&#8217;s report from The Washington Post, which revealed Israeli Prime Minister Benjamin Netanyahu assured the Biden administration Israel would refrain from targeting Iranian oil and nuclear facilities in any retaliatory military actions.
Meanwhile, the financial sector surged, extending its all-time highs as Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Charles Schwab Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCHW#NYSE">SCHW</a>) all posted <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41331839/financial-sector-hits-record-highs-as-goldman-sachs-bank-of-america-citi-beat-q3-ea">stronger-than-expected quarterly earnings.</a>
Gains also spread to more economically sensitive regional banks, with the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) jumping over 3%, lifting the broader Russell 2000 index by 1%.
In other markets, both the U.S. dollar and Treasury yields remained steady, as there were no major updates on interest-rate expectations. Gold edged up by 0.6%, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued its recent momentum, climbing 1.3% after a 5.1% surge on Monday.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major U.S. Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>Chg (1-day) %</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,272.05</td>
<td>1.0%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,942.79</td>
<td>-0.3%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,842.20</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,221.22</td>
<td>-1.1%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent101524&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 0.4% to $581.82.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;inched 0.3% down to $429.46.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 1.1% to $491.72.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1% to $222.52.</li>
<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, up 1%. The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) lagged, down 2.3%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
<ul>
<li>Airlines and cruise lines rallied in reaction to lower oil prices. American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) rose 2.2%, United Airlines Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) gained 2.2%. Carnival Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) and Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) rallied 7.7% and 5.5%, respectively. </li>
<li>Charles Schwab rose 7.5% after reporting stronger-than-expected quarterly results. </li>
<li>Other stocks reacting to earnings were UnitedHealth Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>), down 7.4%; Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>), up 1.8%; Bank of America Corp., up 1.9%; Goldman Sachs Group Inc., down 0.3%; Citigroup Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), down 4%; PNC Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PNC#NYSE">PNC</a>), up 4%; State Street Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>), up 0.6% and Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>), up 13%</li>
<li>Companies slated to report earnings after the close include Interactive Brokers Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBKR#NASDAQ">IBKR</a>), United Arlines Holdings Inc., Omnicon Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMC#NYSE">OMC</a>) and J.B. Hunt Transport Services Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JBHT#NASDAQ">JBHT</a>). </li>
</ul>
Read Now:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41336897/3-reasons-why-a-bitcoin-all-time-high-before-the-election-is-back-in-play">3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play</a></li>
</ul>
Photo: Shutterstock

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Econ #s

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$BTC

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SPDR Dow Jones Industrial Average ETF Trust

IBKR

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NCLH

NVDA

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

Chipmaker Stocks Sink On ASML Earnings Leak, Oil Eyes Worst 1-Day Drop This Year, Small Caps Rally: What's Driving Markets Tuesday?

Earnings

State Street Signals Continued Strong Capital Returns In Q4, Potentially Exceeding $670M From Q3; Full-Year Payout Ratio Expected To Reach 80-90%; Aims For $500M In Productivity Savings By Year-End While Focusing On Growth Investments In Products And Technology

State Street shares are trading higher after the company reported better-than-expected Q3 financial results and rose its AUM to $4.7 trillion.

State Street Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) reported strong third-quarter results, with earnings per share exceeding analyst expectations.
Quarterly earnings per share of $2.26 beat the analyst consensus estimate of $2.12. Quarterly sales of $3.26 billion<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> outpaced the street view of $3.19 billion.</a>
Total revenue rose by 21%, largely due to the impact of a notable item from the previous year. Excluding notable items, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41327504/state-street-corporation-nyse-stt-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">total revenue increased by 9%.</a>
Fee revenue increased 11%, while NII increased 16%. Investment Management AUM as of quarter-end increased 29% to $4.7 trillion, reflecting higher quarter-end market levels and solid quarterly net inflows.
Also Read:<a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41326823/wall-street-on-edge-as-nasdaq-nears-record-high-oil-prices-plummet-strategist-says-theres-opportuni" rel="noreferrer noopener"> Wall Street On Edge As Nasdaq Nears Record High, Oil Prices Plummet: Strategist Says There&#8217;s Opportunity If Resilience Continues</a>
&#8220;Within Investment Services, we generated $466 billion of new AUC/A wins and reported two new Alpha mandates,&#8221; said Ron O&#8217;Hanley, Chairman and Chief Executive Officer.
The CEO added that the Global Markets franchise experienced increased client penetration, and Global Advisors achieved quarterly net inflows of $100 billion, bolstered by a strong performance in the Cash&nbsp;business.
The standardized common equity tier 1 (CET1) ratio at the end of the third quarter of 2024 was 11.6%, an increase of 0.6 percentage points from the previous quarter and 0.4 percentage points from the second quarter of 2024.
This growth was primarily driven by earnings-generated capital and improved accumulated other comprehensive income (AOCI), partially offset by ongoing capital returns and higher risk-weighted assets (RWA).
CFO To Step Down: The firm announced that Eric Aboaf, Vice Chairman and Chief Financial Officer (CFO), has decided to leave State Street in February 2025.
State Street has initiated its succession plan with both internal and external search processes.
Aboaf, however, will remain with the company and collaborate closely with the team until February to ensure a smooth transition.
Price Action: STT shares are trading higher by 1.45% to $92.25 premarket at last check Tuesday.
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Management

Markets

Movers

General

State Street Q3 Earnings: AUM Soars To $4.7T, Announces CFO Eric Aboaf's Departure In 2025

State Street Says Eric Aboaf, Vice Chairman And CFO, Has Made Decision To Accept New Opportunity Outside Of Banking; Expected To Leave Company In February 2025

State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) reported quarterly earnings of $2.26 per share which beat the analyst consensus estimate of $2.12 by 6.6 percent. The company reported quarterly sales of $3.26 billion which beat the analyst consensus estimate of $3.19 billion by 2.09 percent. This is a 21.11 percent increase over sales of $2.69 billion the same period last year.

Earnings Beats

State Street Q3 2024 GAAP EPS $2.26 Beats $2.12 Estimate, Sales $3.26B Beat $3.19B Estimate

State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) is set to give its latest quarterly earnings report on Tuesday, 2024-10-15. Here's what investors need to know before the announcement.
Analysts estimate that State Street will report an earnings per share (EPS) of $2.13. 
The announcement from State Street is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter.
It's worth noting for new investors that guidance can be a key determinant of stock price movements.
<h3>Past Earnings Performance</h3>
During the last quarter, the company reported an EPS beat by $0.12, leading to a 0.61% increase in the share price on the subsequent day.
Here's a look at State Street's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>2.03</td>
<td>1.50</td>
<td>1.83</td>
<td>1.81</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>2.15</td>
<td>1.69</td>
<td>2.04</td>
<td>1.93</td>
</tr>
<tr>
<td>Price Change %</td>
<td>1.0%</td>
<td>3.0%</td>
<td>2.0%</td>
<td>-3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1728914465_0.png" alt="eps graph" />
<h3>State Street Share Price Analysis</h3>
Shares of State Street were trading at $89.83 as of October 11. Over the last 52-week period, shares are up 34.0%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analysts' Perspectives on State Street</h3>
For investors, staying informed about market sentiments and expectations in the industry is paramount. This analysis provides an exploration of the latest insights on State Street.
Analysts have given State Street a total of 13 ratings, with the consensus rating being Neutral. The average one-year price target is $92.77, indicating a potential 3.27% upside.
<h3>Understanding Analyst Ratings Among Peers</h3>
The analysis below examines the analyst ratings and average 1-year price targets of Ares Management, Blue Owl Cap and Franklin Resources, three significant industry players, providing valuable insights into their relative performance expectations and market positioning.
<ul>
<li>The prevailing sentiment among analysts is an Neutral trajectory for Ares Management, with an average 1-year price target of $158.5, implying a potential 76.44% upside.</li>
<li>Analysts currently favor an Outperform trajectory for Blue Owl Cap, with an average 1-year price target of $21.5, suggesting a potential 76.07% downside.</li>
<li>For Franklin Resources, analysts project an Neutral trajectory, with an average 1-year price target of $21.66, indicating a potential 75.89% downside.</li>
</ul>
<h3>Comprehensive Peer Analysis Summary</h3>
Within the peer analysis summary, vital metrics for Ares Management, Blue Owl Cap and Franklin Resources are presented, shedding light on their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>T. Rowe Price Gr</td>
<td>Neutral</td>
<td>7.65%</td>
<td>$911.50M</td>
<td>4.77%</td>
</tr>
<tr>
<td>Ares Management</td>
<td>Neutral</td>
<td>-20.67%</td>
<td>$718.06M</td>
<td>5.04%</td>
</tr>
<tr>
<td>Blue Owl Cap</td>
<td>Outperform</td>
<td>31.88%</td>
<td>$322.75M</td>
<td>2.00%</td>
</tr>
<tr>
<td>Franklin Resources</td>
<td>Neutral</td>
<td>7.82%</td>
<td>$1.70B</td>
<td>1.29%</td>
</tr>
</tbody>
</table>

Key Takeaway:
State Street ranks in the middle for consensus rating among its peers. It ranks at the bottom for revenue growth. It ranks at the top for gross profit. It ranks in the middle for return on equity.
<h3>Get to Know State Street Better</h3>
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.
<h3>State Street's Economic Impact: An Analysis</h3>
Market Capitalization Analysis: Reflecting a smaller scale, the company's market capitalization is positioned below industry averages. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: Over the 3 months period, State Street showcased positive performance, achieving a revenue growth rate of 2.6% as of 30 June, 2024. This reflects a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Financials sector.
Net Margin: State Street's net margin lags behind industry averages, suggesting challenges in maintaining strong profitability. With a net margin of 20.53%, the company may face hurdles in effective cost management.
Return on Equity (ROE): State Street's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of 2.96%, the company may face hurdles in achieving optimal financial returns.
Return on Assets (ROA): State Street's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.2%, the company may face hurdles in achieving optimal financial performance.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 1.49, caution is advised due to increased financial risk.
<a href="https://www.benzinga.com/quote/STT/earnings">To track all earnings releases for State Street visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Preview Of State Street's Earnings

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Shares of banking and financial services stocks are trading higher following better-than-expected financial results from JPMorgan Chase and Wells Fargo.

Morgan Stanley analyst Connor Lynagh maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Equal-Weight and raises the price target from $93 to $100.

Morgan Stanley Maintains Equal-Weight on State Street, Raises Price Target to $100

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Bernstein raised the price target for Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) from $92 to $115. Bernstein analyst Danilo Gargiulo upgraded the stock from Market Perform to Outperform. Starbucks shares rose 1.2% to close at $95.62 on Wednesday. <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JMP Securities increased the price target for Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) from $550 to $635. JMP Securities analyst Andrew Boone maintained a Market Outperform rating. Meta shares gained 0.9% to close at $568.31 on Wednesday. <a href="https://www.benzinga.com/quote/META/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc raised Crocs, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CROX#NYSE">CROX</a>) price target from $149 to $155. Keybanc analyst Ashley Owens maintained an Overweight rating. Crocs shares fell 1.2% to close at $143.04 on Wednesday. <a href="https://www.benzinga.com/quote/CROX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird boosted McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) price target from $280 to $320. Baird analyst David Tarantino maintained an Outperform rating. McDonald&#8217;s shares rose 0.1% to close at $300.47 on Wednesday. <a href="https://www.benzinga.com/quote/MCD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird raised Cintas Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTAS#NASDAQ">CTAS</a>) price target from $194 to $209. Baird analyst Andrew Wittmann maintained a Neutral rating. Cintas shares gained 1.2% to close at $207.21 on Wednesday. <a href="https://www.benzinga.com/quote/CTAS/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Keybanc raised the price target for On Holding AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONON#NYSE">ONON</a>) from $47 to $60. Keybanc analyst Ashley Owens maintained an Overweight rating. On Holding fell 0.7% to close at $50.20 on Wednesday. <a href="https://www.benzinga.com/quote/ONON/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>BMO Capital raised Lightspeed Commerce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LSPD#NYSE">LSPD</a>) price target from $18 to $20. BMO Capital analyst Thanos Moschopoulos maintained an Outperform rating. Lightspeed Commerce shares jumped 12.9% to close at $15.68 on Wednesday. <a href="https://www.benzinga.com/quote/LSPD/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Piper Sandler raised the price target for Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>) from $270 to $305. Piper Sandler analyst Charles Neivert maintained an Overweight rating. Ecolab shares gained 0.2% to close at $254.82 on Wednesday. <a href="https://www.benzinga.com/quote/ECL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Benchmark raised Flutter Entertainment plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>) price target from $255 to $265. Benchmark analyst Mike Hickey maintained a Buy rating. Flutter Entertainment shares gained 5.1% to close at $239.86 on Wednesday. <a href="https://www.benzinga.com/quote/FLUT/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sachs increased State Street Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) price target from $98 to $100. Goldman Sachs analyst Alexander Blostein maintained a Buy rating. State Street shares fell 0.5% to close at $88.50 on Wednesday. <a href="https://www.benzinga.com/quote/STT/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Considering buying META stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="514" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26084433/image-213-1024x514.png" alt="" class="wp-image-567631" style="width:586px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26084433/image-213-1024x514.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26084433/image-213-300x151.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26084433/image-213-768x386.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/26084433/image-213.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Pre-Market Outlook

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Goldman Sachs analyst Alexander Blostein maintains State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) with a Buy and raises the price target from $98 to $100.

Goldman Sachs Maintains Buy on State Street, Raises Price Target to $100

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Moody's upgrades BNY Mellon, State Street; Northern Trust affirmed

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Press Releases

State Street Appointed by TCW to Provide Investment Services

Operadora de Fondos Banorte Adopts Charles River's Cloud-Based Platform

State Street Expands Strategic Growth in Mexico as Part of Latin America Commitment

State Street CFO to Depart for New Position Following Transition Period

State Street Corporation (NYSE: STT) Reports Third-Quarter 2024 Financial Results

Fintech

S&P Global Appoints Eric Aboaf as Chief Financial Officer

State Street Announces Issuance of $2.3 Billion of Senior Debt

State Street Global Advisors Invites All Investors to Help Us Attempt to Set a GUINNESS WORLD RECORDS™ Title in Times Square and Celebrate Our Commitment to Helping Investors Reach Their Financial Goals

State Street Corporation Declares Dividends on its Non-Cumulative Perpetual Preferred Stock Series "G," "I," and "J"

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