State Street (STT) Rides on Expansion Efforts Despite Cost Woes [Yahoo! Finance]
State Street Corporation (STT)
Last state street corporation earnings: 4/17 07:38 am
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investors.statestreet.com
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Source: Yahoo! Finance
However, persistently elevated expenses and a challenging operating backdrop that is likely to hamper fee income growth are major headwinds. State Street has witnessed a decent increase in net interest revenues (NIR) and net interest margin (NIM) on the back of higher interest rates. NIR recorded a three-year (ended 2023) compound annual growth rate (CAGR) of 7.8%. Similarly, NIM expanded to 1.20% in 2023 from 1.03% in 2022, 0.74% in 2021 and 0.97% in 2020. Though rising funding costs and shrinking non-interest-bearing deposit balance weighed on both NIR and NIM during the first quarter of 2024, high interest rates for a longer period are likely to offer support to both metrics. While we project NIR to decline 4.9% in both 2024 and 2025, the metric will rebound and grow at the rate of 3.9% in 2026. State Street is continuing with its efforts to strengthen fee income sources. While the company's total fee revenues declined in 2022 and 2023, the same saw a four-year (2019-2023) CA
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News
- State Street Co. (NYSE: STT) had its "equal weight" rating re-affirmed by analysts at Morgan Stanley. They now have a $90.00 price target on the stock.MarketBeat
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STT
Earnings
- 4/12/24 - Miss
STT
Sec Filings
- 6/12/24 - Form 3
- 6/3/24 - Form 4
- 5/31/24 - Form 144
- STT's page on the SEC website