STT - State Street Corporation

NYSE - NYSE Delayed Price. Currency in USD
60.48
+0.26 (+0.43%)
At close: 4:04PM EDT
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Previous Close 60.22
Open 59.72
Bid 59.79 x 900
Ask 61.14 x 800
Day's Range 59.27 - 60.87
52 Week Range 48.62 - 90.20
Volume 1,741,171
Avg. Volume 3,596,660
Market Cap 22.534B
Beta (3Y Monthly) 1.56
PE Ratio (TTM) 10.96
EPS (TTM) 5.52
Earnings Date Oct 17, 2019 - Oct 21, 2019
Forward Dividend & Yield 1.88 (3.12%)
Ex-Dividend Date 2019-06-28
1y Target Est 63.00
Trade prices are not sourced from all markets
  • Business Wire

    State Street Global Advisors Announces Impact of Receiving Payment

    The SPDR® Exchange Traded Fund listed in the table below, announced today that the Fund received a payment as an authorized claimant from a class action settlement related to UTI Worldwide Inc.

  • Bloomberg

    State Street to Battle BlackRock, DWS With New Sustainable Funds

    (Bloomberg) -- State Street Corp. is almost doubling its line-up of socially-responsible exchange-traded funds as it looks to compete with the likes of BlackRock Inc. and Deutsche Bank AG’s DWS Group in the burgeoning market for values-oriented investing.The Boston-based asset manager plans to create five ETFs that will focus on companies with better environmental, social and governance characteristics, according to regulatory filings Tuesday. The funds will track indexes provided by Bloomberg LP, the parent company of Bloomberg News, which distributes and develops fixed-income and equity benchmarks.Responsible investing is catching more airtime and investment dollars as a swath of asset managers start low-cost funds. BlackRock, the world’s largest issuer of ETFs, built out a series of iShares funds in 2018 for investors to use as core holdings in their portfolios. And BlackRock and DWS separately worked with Finnish pension insurer Ilmarinen to start the cheapest ESG stock ETFs in the U.S. earlier this year.“Coming in relatively late to the party could be a challenge,” said Todd Rosenbluth, director of ETF research at CFRA Research. “The adoption of ESG assets in the ETF wrapper is a generational shift,” he said, adding “it’s still the early innings but there are firms that have a head start.”Read more: Green Finance Is Now $31 Trillion and GrowingState Street’s new strategies will invest in corporate bonds and large companies that issue high dividends, or have a growth or value tilt, the documents show. The firm already runs a handful of clean energy and ESG-focused funds, including the SPDR SSGA Gender Diversity Index ETF, known as SHE.It’s easy to see why State Street wants to increase its presence in this space. DWS’s Xtrackers MSCI USA ESG Leaders Equity ETF -- the third-largest U.S. ESG ETF with $1.5 billion -- took in $123 million last week, data compiled by Bloomberg show. Meanwhile, BlackRock’s $1.2 billion iShares ESG MSCI USA ETF has added more than $800 million this month, although at least $140 million of that looks to have moved over from its iShares MSCI USA ESG Select fund, the data show.But critics argue that the proliferation of sustainable funds masks a more complex reality: Since corporate virtuousness is subjective, some ESG-labeled products include fossil-fuel refiners, cigarette makers and other companies that may give investors pause.Mistakes can also cause trouble for these products. Vanguard Group Inc. apologized to investors last month after its largest socially-responsible ETF bought shares of a gun maker following an error by its index provider, FTSE Russell.\--With assistance from Tom Lagerman.To contact the reporter on this story: Annie Massa in New York at amassa12@bloomberg.netTo contact the editors responsible for this story: Alan Mirabella at amirabella@bloomberg.net, Rachel Evans, Dave LiedtkaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Business Wire

    State Street Executives Recognized in the 2019 HERoes Lists

    State Street Corporation, (State Street) (STT) today announced that Ron O’Hanley, president and chief executive officer, Lou Maiuri, chief operating officer, and Hannah Grove, chief marketing officer, have been named in the 2019 HERoes recognition lists, supported by Yahoo Finance. HERoes is an annual global ranking of business leaders who are championing women in business and driving change to increase gender diversity in the workplace. O’Hanley, for the second consecutive year, and Maiuri were both named to the HERoes 40 Advocate Executive List, which includes senior leaders who advocate for women in business and are dedicated to creating a more diverse and inclusive working environment for women.

  • Raymond James Fined $15M for Charging Fee on Inactive Accounts
    Zacks

    Raymond James Fined $15M for Charging Fee on Inactive Accounts

    Raymond James (RJF) agrees to pay $15 million for wrongfully charging fees from clients on inactive retail accounts.

  • State Street Cuts Jobs Amid Challenging Operating Backdrop
    Zacks

    State Street Cuts Jobs Amid Challenging Operating Backdrop

    Amid tough operating environment and lower interest rates, State Street is cutting jobs to maintain profitability.

  • State Street lays off 250 IT workers in latest job cuts
    American City Business Journals

    State Street lays off 250 IT workers in latest job cuts

    The Boston-based financial services giant has been slashing expenses in the face of declining revenue this year.

  • ETF Trends

    Elizabeth Banks Investigates The Middle Bias

    Filmmaker, actor, and entrepreneur Elizabeth Banks teamed up with State Street Global Advisors (STT) to find out why investors can often times overlook the mid-cap sector. As mid-cap companies help form the backbone of the country, Banks spoke with top advisors to learn what makes them tick. As is pointed out early on, the "middle" has been consistently beating out small-cap and large-cap stocks when it comes to returns.

  • How to Pick Asset Management Stocks to Invest in
    Market Realist

    How to Pick Asset Management Stocks to Invest in

    If you're looking to diversify your portfolio, asset management stocks are worth a look. Here's how to pick the right asset management stock to invest in.

  • WeWork Mystery: Who Owns 75% of Its Junk Bonds?
    Bloomberg

    WeWork Mystery: Who Owns 75% of Its Junk Bonds?

    (Bloomberg Opinion) -- To get a sense of how the market feels about the day-to-day drama coming out of WeWork, investors have little choice but to turn to its bonds.After all, the company has no publicly traded shares — and, if the latest twist in its saga is to be believed, that might be the case for longer than anticipated. Executives of WeWork and its largest investor, SoftBank Group Corp., are discussing whether to shelve plans for an initial public offering, people with knowledge of the talks told Bloomberg News. On top of that, the office-rental company may rely on junk bonds for funding for the foreseeable future or even explore a whole-business securitization, a WeWork executive said, according to a person familiar with the matter.Not surprisingly, WeWork’s junk bonds are tumbling. They fell below 100 cents on the dollar on Tuesday for the first time since the company filed to go public last month, with both the number of trades and overall volume reaching the highest in about a month. While a dip below face value doesn’t inherently spell doom, it’s nevertheless a sign that the bad news is starting to take its toll on investors.But here’s the mystery: Who exactly are those investors?We know who holds about 25% of WeWork’s $669 million in high-yield debt due 2025 because Bloomberg aggregates data from the most recent public filings. So, for instance, Lord Abbett & Co. held about $43.8 million as of May 31, or about 6.5%. The second-largest holder is Allianz SE, which includes funds from Pacific Investment Management Co.; grouped together, it owns about $21 million, or a bit more than 3%. Three State Street Corp. exchange-traded funds hold a combined $9.6 million, or 1.44%. In the period through July 31, funds from TIAA-CREF and Ameriprise Financial Inc. pared back their exposure. Still, that’s far from a complete picture. Only knowing who owns 25% of a company’s bonds is minuscule, even for the high-yield market. WeWork makes up about 0.05% of the Bloomberg Barclays U.S. Corporate High Yield Index. Here’s a sampling of other debt with nearly identical weightings and comparable maturities, and how much of its ownership is public:Lamar Media Corp. bond maturing in 2026: 47% known Seven Generations Energy bond maturing in 2025: 72% known J2 Global bond maturing in 2025: 51% known Navient Corp. bond maturing in 2021: 57% known Antero Resources Corp. bond maturing in 2023: 67% known CVR Partners LP bond maturing in 2023: 64% knownSuffice it to say, bonds in the high-yield index with lower publicly reported ownership than WeWork are few and far between. So if active money managers, ETFs, pensions(1) and life insurers make up only a quarter of investors, who else is left?  Hedge funds would be a likely place to start looking. WeWork’s bond matures in less than six years and offers a yield of more than 8%. (At the height of the rally last month, it yielded closer to 7%.) The Bloomberg Barclays high-yield index has a comparable average maturity of 5.76 years, but its yield is just 5.6%. There’s been no indication that SoftBank and its affiliates own any of the securities, but they do own about 29% of WeWork stock, which shows just how much the Japanese conglomerate has riding on the company’s success. Opportunistic investors appear to have jumped into WeWork’s bond at least twice this year. The bond soared after the company’s April 29 announcement that it filed paperwork confidentially with the Securities and Exchange Commission to hold an IPO and then again after it filed its S-1 prospectus in August. As I wrote in May, an IPO could give WeWork a cash injection that ought to cover interest for a while. It would also give bondholders a layer of protection in the capital structure because public shareholders would take the biggest hit if WeWork fizzles.These big investors, whoever they may be, can’t be feeling too comfortable right now, given the state of the IPO. As for We Co., the parent of WeWork, becoming a regular presence in the capital markets, I’ll just say this: It’s one thing to be Netflix Inc. — whose stock price has more than doubled since the start of 2017 — and tap the high-yield bond market again and again (its bonds maturing in 2026 have 73.5% public ownership). It’s quite another to be WeWork, given that its IPO range could wind up closer to $20 billion, compared with the $47 billion valuation it had earlier this year. There is no shortage of investors, analysts and commentators who see WeWork as the height of market folly. It’s a company with an unusual corporate structure and a business model that seems destined to implode when the economic cycle turns.So far, the bond market isn’t convinced that WeWork is about to crash and burn. That is, if anyone can trust trading among investors who are largely unknown.(1) The California Public Employees' Retirement System, or Calpers, held about $2.6 million of the bond as of June 30, data compiled by Bloomberg show. It's possible other pension funds don't disclose such precise figures.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Bloomberg

    State Street Shares Jump Amid Brighter Hopes for Lending Income

    (Bloomberg) -- State Street Corp. surged as much as 7.5%, the most in more than seven weeks, after saying net interest income probably won’t fall in the third quarter even as lower interest rates pressure revenue.“We expect NII to come in flattish quarter over quarter, which is a bit better than what we had anticipated,” Chief Financial Officer Eric Aboaf said Tuesday at a conference in New York. “We’re seeing some downward pressure from the decline in long-end rates. Deposits are hanging in better this quarter than had been expected.”State Street said in July that net interest income -- revenue from customers’ loan payments minus what the bank pays depositors -- could fall 1% to 3% this quarter compared with the three months through June. It declined 9% in the second quarter to $659 million.“NII resilience is an important development,” Paul Gulberg, an analyst at Bloomberg Intelligence, said in a note. He said the forecast “signals stability.”Shares of the company climbed 6.9% to $57.70 at 12:38 p.m. in New York, paring this year’s decline to 8.5%.To contact the reporter on this story: Michelle F. Davis in New York at mdavis194@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    CIOs evaluate risks of bond negative yields

    About 30 per cent of the bonds issued by governments and companies worldwide are trading at negative yields — which means that $17tn of outstanding debt is being paid for by creditors. This bizarre reversal of normal practice has raised profound questions about the outlook for bonds, a core holding for institutional investors. Is there a bubble in the bond market?

  • Barrons.com

    State Street Stock Has Crumbled, but CEO Ron O’Hanley Bought Up Shares

    O’Hanley made his first open-market purchase of the investing giant’s shares shortly after State Street stock tumbled to a six-year low.

  • Business Wire

    State Street Global Advisors Announces Share Splits for Four SPDR® ETFs

    State Street Global Advisors, the asset management business of State Street Corporation , today announced share splits on four SPDR ETFs. The splits will lower the funds’ share prices and increase the number of outstanding shares.

  • Powell Can Stick to His First Draft: Traders Assess Jobs Report
    Bloomberg

    Powell Can Stick to His First Draft: Traders Assess Jobs Report

    (Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. News the U.S. employment picture was decent if less robust than hoped in August kept equity futures elevated as traders saw the report as cementing more stimulus.The economy added 130,000 jobs, trailing the average estimate, while the unemployment rate held at 3.7% and hourly earnings were higher than forecast. It came out four hours before Federal Reserve Chairman Jerome Powell speaks on monetary policy in Zurich. Here’s how strategists and traders reacted:Dennis DeBusschere, head of portfolio strategy, Evercore ISI.This is bullish -- keeps aggressive Fed (Powell is not rewriting his speech at 12:30 today on this number). Rates should be sideways and curve should steepen. It’s positive for equities as the report speaks to longer expansion. It’s positive for the same things that have worked (tech). Cyclicals fine on the day if risk assets move up, which they should. Given all the other consumer/employment readings have been strong, people will likely discount the headline miss -- especially given the huge jump in household employment.Candice Bangsund, portfolio manager, Fiera Capital. The headline number was a mixed bag -- something for both the hawks and the doves. What was encouraging is the jump in hourly earnings, particularly for inflation backdrop. We’re likely to see another insurance cut in September and it’s largely priced in. It may be a bit of a hawkish cut in that the Fed will signal in that it’s not the beginning of a easing cycle and going forward they’ll be in a wait and see mode. The numbers in the U.S. We’ve been seeing isn’t consistent with a) the recession and b) four rate cuts the market is pricing it.Bruce Bittles, chief investment strategist, Robert W. Baird. The print almost guarantees that the Fed is going to cut rates by 25 points. Yesterday’s ADP was higher than expected and if today’s jobs numbers were higher, there could be a lot of questions about whether the Fed was going to cut rates this month. The print doesn’t change anything, it solidifies the fact that the Fed is going to lower rates. Powell speaks later today. The Fed has pretty well signaled its stance on interest rates, Powell may confirm that today or make a little stronger statement.Tony Bedikian, head of global markets, Citizens Bank.Today’s jobs report shows the resiliency of the United States economy despite several global headwinds. The on-again, off-again U.S.-China trade talks continue to roil markets and, in some ways, are mirroring the on-again, off-again Brexit debate. Both issues are providing market participants with more theater than substance while the U.S. consumer tunes them out, keeps spending and keeps the U.S. economic fundamentals on track.JJ Kinahan, chief market strategist, TD Ameritrade. We’re light on the number. August is always a strange report anyway. The reason I say that is because you have some of the summer jobs that are sort of rolling off as kids go back to school or the resorts or whatever that may be open in the summer that aren’t the rest of the year. You also have the anomaly of the government hiring 25,000 workers for the census. You normally don’t see that.Ilya Feygin, senior strategist, WallachBeth Capital LLC.The weak payrolls and higher hourly earnings are slightly negative for equities because they force us to deal with a slightly weaker economy but do not change the central bank rate path at all in our view. We would expect an eventual downtick in S&P futures to the 2,970 area where they found support last night and then the 2,950/2,954 area.Marvin Loh, global macro strategist, State Street. It certainly shows that the jobs market ultimately is slowing but it isn’t rapidly compressing yet at this point. Past mid-cycle, more towards late-cycle but it definitely doesn’t seem that it’s a late, late cycle yet. This one’s got a little bit in it for everybody.To contact the reporters on this story: Elena Popina in New York at epopina@bloomberg.net;Vildana Hajric in New York at vhajric1@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Here's a State of the Art Stock
    TheStreet.com

    Here's a State of the Art Stock

    State Street qualifies as an almost perfect stock: It's high quality and has a decent yield, while offering substantial upside.

  • 5 Questions to Consider When Digitizing Board Management and Meetings
    CorpGov.com

    5 Questions to Consider When Digitizing Board Management and Meetings

    Digitizing board management can take board productivity to the next level. Answering these important questions will help you select the right technology to support your boardroom. Download the checklist from Nasdaq, Inc.

  • WeWork Adds Harvard's Frei to All-Male Board After Criticism
    Bloomberg

    WeWork Adds Harvard's Frei to All-Male Board After Criticism

    (Bloomberg) -- WeWork Cos. is adding a woman to its all-male board of directors as it seeks to burnish its image before becoming a public company.The New York-based office-rental startup, which could begin a roadshow for its initial public offering as early as next week, people familiar with the matter told Bloomberg, will add Harvard Business School professor Frances Frei to its board, according to a filing made public Wednesday. The company said that within a year of its IPO, it aims to add an additional director, “with a commitment to increasing the board’s gender and ethnic diversity.”Frei previously was senior vice president at Uber Technologies Inc., where she served on the management committee that ran the company as it searched for a new chief executive officer.WeWork also disclosed in the filing that CEO Adam Neumann returned $5.9 million worth of partnership interests initially granted to him as compensation for trademarks used in the company’s rebranding.The WeWork Competitor Building a Female-Focused Coworking Space Investors like BlackRock, State Street Global and TIAA are increasingly putting pressure on companies to ensure women are present at the highest levels of corporate governance. The last all-male board in the S&P 500 added a woman in July, and investors are now pushing smaller companies to add women as well. About 8% of companies in the Russell 3000 still lack even one female director, according to Bloomberg data.In a study of 100 IPO boards from 2014 to 2017, about half went public without a single female director, according to data compiled by advocacy group 2020 Women on Boards. In public offerings since April, women have only occupied about 19% of the new spots, according to New York-based executive recruiter G. Fleck / Board Services.At least two other technology companies on the cusp of listing their shares, Peloton Interactive Inc. and Cloudfare Inc., both included women directors in their IPO filings.(Updates with pressure to add women to boards starting in the third paragraph.)To contact the reporters on this story: Patrick Clark in New York at pclark55@bloomberg.net;Jeff Green in Southfield, Michigan at jgreen16@bloomberg.netTo contact the editors responsible for this story: Rob Urban at robprag@bloomberg.net, Janet Paskin, Liana BakerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • American City Business Journals

    Here’s the view from Bulfinch Crossing’s residential tower

    The HYM Investment Group and National Real Estate Advisors LLC on Thursday held a topping-off ceremony at Bulfinch Crossing’s residential tower, a 46-story apartment and condominium tower that will open next spring. A topping-off ceremony is traditionally held when vertical construction on a large project is complete. AECOM Tishman is the general contractor of the 480-foot tower, which was designed by Boston-based CBT Architects.  The tower is going up at the site of the Government Center Garage and offers panoramic views of Boston Harbor and East Boston, Cambridge, the North End and Financial District, as well as Back Bay and the Charles River. The project's cost has not been released, but the office tower next door, One Congress, is expected to cost at least $1 billion to develop.

  • Business Wire

    State Street Provides Clients Record Access to Cleared Repo Financing

    State Street Corporation , today announced that it has sponsored a record $140 billion in repo investment volumes as a result of its partnership with the Fixed Income Clearing Corporation .

  • Governance, Reimagined: A Look Inside the Digitized Boardroom
    CorpGov.com

    Governance, Reimagined: A Look Inside the Digitized Boardroom

    Every board member plays a role in corporate governance - from IT leaders to corporate secretaries and directors. Learn how you can pave the way toward better governance and discover what a digitized board means for organizations. Download the guide from Nasdaq, Inc.

  • GuruFocus.com

    Yacktman Funds' 2nd-Quarter Shareholder Letter

    Discussion of markets and holdings Continue reading...

  • GuruFocus.com

    Yacktman Fund Comments on State Street

    Guru stock highlight Continue reading...

  • Grab State Street Corporation (NYSE:STT) Today With A Solid 4.0% Dividend Yield
    Simply Wall St.

    Grab State Street Corporation (NYSE:STT) Today With A Solid 4.0% Dividend Yield

    Over the past 10 years State Street Corporation (NYSE:STT) has grown its dividend payouts from $0.96 to $2.08. With a...