Ultime notizie per State Street (NYSE:STT) Azioni

State Street

State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $47 trillion in assets under custody and administration and $4.7 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

StarTerra

Standard Uranium Ltd Ordinary Shares

STANDARD URANIUM LTD by Standard Uranium Ltd.

Standard Uranium Ltd

SMARTONE TELECOMM HLDGS by SmarTone Telecommunications Holdings Ltd.

SmarTone Telecommunications Holdings Ltd

Shattuck Labs Inc

STRUCTURAL MONITORING SYS by Structural Monitoring Systems PLC

SITO Mobile Ltd

SCHOTT PHARMA AG&CO KGAA by SCHOTT PHARMA AG & CO KGAA

Schott Pharma AG & CO KGaA

STRAITS TRADING UNSP/ADR by Straits Trading Company Ltd. (The)

Straits Trading Co Ltd

Splitit Payments Ltd

STRATEX OIL & GAS HLDG by Stratex Oil & Gas Holdings, Inc.

Stratex Oil & Gas Holdings Inc

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

<a href="https://www.reuters.com/legal/blackrock-state-street-vanguard-sued-by-republican-states-over-climate-accords-2024-11-27/" title="https://www.reuters.com/legal/blackrock-state-street-vanguard-sued-by-republican-states-over-climate-accords-2024-11-27/">https://www.reuters.com/legal/blackrock-state-street-vanguard-sued-by-republican-states-over-climate-accords-2024-11-27/</a>
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Nov 27 (Reuters) - A group of Republican state attorneys general led by Texas sued institutional investors Blackrock, State Street and Vanguard on Wednesday, accusing them of violating antitrust law through climate activism that restricted coal production.
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News

Legal

'Blackrock, State Street, Vanguard Sued By Republican States Over Climate Accords' - Reuters News

Offerings

State Street Plans Issuance Of $2.25B Of Senior Debt By Its Principal Banking Subsidiary, State Street Bank And Trust Company

State Street Partners With Bridgewater To Broaden Access To Alternative Investment Strategies

State Street (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/STT#NYSE">STT</a>) underwent analysis by 9 analysts in the last quarter, revealing a spectrum of viewpoints from bullish to bearish.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">4</td>
<td align="right">4</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">3</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated State Street and provided 12-month price targets. The average target is $100.0, accompanied by a high estimate of $108.00 and a low estimate of $87.00. This upward trend is apparent, with the current average reflecting a 5.14% increase from the previous average price target of $95.11.
<img src="https://www.benzinga.com/files/images/story/2024/1731697247_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive State Street. The following summary outlines 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>Mike Mayo</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$108.00</td>
<td>$106.00</td>
</tr>
<tr>
<td>Brian Bedell</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$95.00</td>
<td>$90.00</td>
</tr>
<tr>
<td>Jason Goldberg</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$108.00</td>
<td>$103.00</td>
</tr>
<tr>
<td>Mike Mayo</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Overweight</td>
<td>$106.00</td>
<td>$98.00</td>
</tr>
<tr>
<td>Glenn Schorr</td>
<td>Evercore ISI Group</td>
<td>Raises</td>
<td>Outperform</td>
<td>$94.00</td>
<td>$89.00</td>
</tr>
<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>
</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: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' 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>About 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: A Financial Overview</h3>
Market Capitalization Analysis: Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
Revenue Growth: State Street's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 18.1%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Financials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: State Street's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 21.46%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): State Street's ROE falls below industry averages, indicating challenges in efficiently using equity capital. With an ROE of 3.01%, the company may face hurdles in generating optimal returns for shareholders.
Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of 0.21%, the company may need to address challenges in generating satisfactory returns from its assets.
Debt Management: With a below-average debt-to-equity ratio of 1.34, State Street adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>What Are Analyst Ratings?</h2>
Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter. 
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
Breaking: Wall Street's Next Big Mover
Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. <a href="https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=Tu1tu3arja3be22tu36&amp;utm_source=benzinga-insights">Click here for urgent details</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Key Takeaways From State Street Analyst Ratings

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 $106 to $108.

Price Target

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

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.

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

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BANC

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FITB

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NTRS

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

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>
Image created using artificial intelligence via Midjourney.

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
Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. <a href="https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=Tu1tu3arja3be22tu36&amp;utm_source=benzinga-insights">Click here for urgent details</a>.
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>
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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.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41324660/jim-cramer-says-earnings-season-will-fuel-markets-record-run-but-warns-of-this-horr" target="_blank" rel="noreferrer noopener">Jim Cramer Says Earnings Season Will Fuel Market's Record Run, But Warns Of This ‘Horrendous' Headwind That Could Apply Brakes To Rally</a></li>
</ul>

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

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

Wall Street picks for bank stocks after Trump's victory include Capital One, PNC

Wells Fargo raised the firm's price target on State Street (STT) to $108 from $106 and keeps an Overweight rating on the shares as part of a broade...

State Street price target raised to $108 from $106 at Wells Fargo

Wells Fargo analyst Mike Mayo maintained a Buy rating on State Street (STT – Research Report) today and set a price target of $108.00. The company'...

Wells Fargo Remains a Buy on State Street (STT)

Ray Dalio's Bridgewater Associates teams up with State Street to launch a new ETF

Billionaire Ray Dalio's hedge fund, Bridgewater Associates, is teaming up with financial services company State Street Global Advisors ($STT) to la...

Ray Dalio's Bridgewater Will Launch All Weather ETF with State Street (STT)

State Street: Viewing A Decent Company Through A Low-Growth Lens

Texas Attorney General Ken Paxton sued BlackRock (BLK), State Street (STT) and Vanguard Group, which it calls "three of the largest institutional i...

Texas sues BlackRock, State Street for 'illegally conspiring' against coal

BlackRock, Vanguard, State Street sued over alleged antitrust law breaking

BlackRock ($BLK), Vanguard and State Street ($STT) are being sued by Texas and 10 other Republican-led states, claiming that the asset managers vio...

BlackRock (BLK), Vanguard and State Street Are Sued by Republican States Over Climate Actions

ARCH

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Press Releases

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"

State Street Names Patricia Halliday to Board of Directors

SPDR® Gold Shares (GLD®) Celebrates 20 Years as State Street Global Advisors Survey Indicates Investors Have Increased Allocations to Gold Amid Economic Uncertainty

State Street Global Advisors Forms Strategic Relationship With Bridgewater Associates

State Street Announces Issuance of $2.25 Billion of Senior Debt

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Blue Owl Capital Inc. Class A Common Stock

Blue Owl Cap

SEI Inv

StepStone Group Inc. - Class A Common Stock

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