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State Street Corporation ($STT) Stock Forecast: Up 6.2% Today

Morpher AI identified a bullish signal. The stock price may continue to rise based on the momentum of the good news.

What is State Street Corporation?

Asset State Street Corporation (STT) is a bank holding company that offers a range of financial services to institutional investors worldwide. Today, STT experienced a strong bullish movement in the market.

Why is State Street Corporation going up?

STT stock is up 6.2% on Jul 16, 2024 18:43

  • State Street stock was upgraded to hold with a raised price target, indicating positive sentiment from analysts.
  • Despite a decrease in net income, State Street reported higher revenues in its Q2 results, which likely contributed to the bullish movement.
  • The climb in State Street's stock price can also be attributed to the rise in assets and beating profit estimates, showcasing strong financial performance.
  • Overall, the positive news surrounding State Street Corporation's financial results and analyst upgrades likely fueled the bullish market movement for the stock.

STT Price Chart

STT News

State Street stock upgraded to hold; price target raised

https://www.investing.com/news/company-news/state-street-stock-upgraded-to-hold-price-target-raised-93CH-3521461

https://www.investing.com/news/company-news/state-street-stock-upgraded-to-hold-price-target-raised-93CH-3521461

News Article Image State Street stock upgraded to hold; price target raised

Earnings Summary: A snapshot of State Street Corporation’s Q2 results

State Street Corporation (NYSE: STT), a bank holding company, has announced financial results for the second quarter of 2024, reporting a decrease in net income despite higher revenues. Second-quarter revenue […] The post Earnings Summary: A snapshot of State Street Corporation’s Q2 results first appeared on AlphaStreet .

https://news.alphastreet.com/earnings-summary-highlights-of-state-street-corporations-q1-2024-results/

News Article Image Earnings Summary: A snapshot of State Street Corporation’s Q2 results

Charles Schwab falls; Match Group, UnitedHealth rise, Tuesday, 7/16/2024

Stocks that traded heavily or had substantial price changes on Tuesday : Charles Schwab Corp. (SCHW), down $6.69 to $68.38. The financial services firm met earnings forecasts but came up short in other metrics closely watched by Wall Street. Bank of America Corp. (BAC), up $2.27 to $44.17. The Charlotte, North Carolina bank beat analysts’ profit and revenue targets on the strength of its investment banking division. Match Group (MTCH), up $3 to $35.02. Activist investor Starboard Value announced a 6.6% stake in the dating app company behind Match, Tinder and OkCupid. UnitedHealth Group Inc. (UNH), up $26.93 to $542.30. The health care giant beat Wall Street’s second-quarter forecasts and reaffirmed its full-year profit guidance. Morgan Stanley (MS), up $2.71 to $107.97. The New York investment bank easily beat Wall Street profit expectations on strong revenue. PNC Financial Services Group Inc. (PNC), up $7.17 to 176.20. The Pittsburgh bank beat Wall Street revenue and profit forecasts as its net interest income and net interest margin grew.

https://www.kaaltv.com/news/business-news/charles-schwab-falls-match-group-unitedhealth-rise-tuesday-7-16-2024/

News Article Image Charles Schwab falls; Match Group, UnitedHealth rise, Tuesday, 7/16/2024

State Street Stock Climbs as Assets Rise, Profit Beats Estimates

State Street''s earnings per share came in at $2.15, with revenue higher by 2.6% to $3.19 billion.

https://www.investopedia.com/state-street-sets-asset-records-beats-profit-and-sales-estimates-8678563

News Article Image State Street Stock Climbs as Assets Rise, Profit Beats Estimates

State Street Corporation Q2 2024 Earnings: EPS Slightly Down, Revenue Up 3% Year-Over-Year

State Street Corporation Q2 2024 Earnings: EPS Slightly Down, Revenue Up 3% Year-Over-Year

https://www.gurufocus.com/news/2474200/state-street-corporation-q2-2024-earnings-eps-slightly-down-revenue-up-3-yearoveryear

News Article Image State Street Corporation Q2 2024 Earnings: EPS Slightly Down, Revenue Up 3% Year-Over-Year

State Street Corporation Price History

16.06.2024 - STT Stock was up 6.2%

  • State Street stock was upgraded to hold with a raised price target, indicating positive sentiment from analysts.
  • Despite a decrease in net income, State Street reported higher revenues in its Q2 results, which likely contributed to the bullish movement.
  • The climb in State Street's stock price can also be attributed to the rise in assets and beating profit estimates, showcasing strong financial performance.
  • Overall, the positive news surrounding State Street Corporation's financial results and analyst upgrades likely fueled the bullish market movement for the stock.

16.06.2024 - STT Stock was up 5.8%

  • STT stock showed significant upward momentum today.
  • Earnings per share surpassed expectations at $2.15, with revenue climbing 2.6% to $3.19 billion.
  • CEO Ron O'Hanley cited asset inflows, increased income from securities and loans, and higher management fees as key factors driving the favorable financial results.
  • The market responded favorably to the revenue growth, exceeding predictions, and the overall strong financial performance, prompting the rise in STT stock value.

16.06.2024 - STT Stock was up 3.0%

  • Second-quarter fiscal 2024 revenues for State Street Corporation (STT) surpassed expectations, driven by surging management fees and asset growth.
  • The company's positive performance and potential future growth were highlighted by its earnings and revenue surprises for the quarter ending June 2024.
  • State Street's total revenue growth exceeded forecasts due to a higher Net Interest Income (NII) and an increase in fee revenue.
  • The favorable market movement for STT is a result of its robust financial performance, surpassing revenue estimates and showcasing investor confidence in its growth prospects.

11.05.2024 - STT Stock was down 4.1%

  • STT has recently adjusted its investment portfolio by decreasing stakes in companies such as Sandfire Resources while increasing stakes in National Australia Bank and Worley Limited.
  • These portfolio changes imply a shift in STT's investment strategy, likely involving the sale of underperforming assets and the acquisition of shares in high-growth companies.
  • The market is reacting negatively to these adjustments, perceiving them as a lack of confidence in certain sectors or companies. This sentiment could be influencing the bearish movement in STT's stock price today.

18.09.2023 - STT Stock was up 6.3%

  • State Street (STT) had a strong bullish movement today.
  • The positive market movement could be attributed to the upcoming earnings announcement, as investors anticipate positive results.
  • The expectation of improved earnings is likely driven by factors such as higher revenue from investment management and trading services.
  • The news articles mentioning lower interest-earning assets and subdued market volatility as potential challenges for State Street's earnings may have been overshadowed by positive market sentiment.

01.08.2023 - STT Stock was up 2.1%

  • The big money buying stocks indicates confidence in the market and could have contributed to the bullish movement of STT.
  • The selection of Charles River by Thailand's Government Pension Fund to modernize their front office operations suggests a positive outlook for the financial industry, which could have had a positive impact on STT.
  • The upgrades and coverage initiations by StockNews.com on other stocks may have created a positive sentiment in the market, leading to a bullish movement for STT.

14.07.2023 - STT Stock was down 2.5%

  • State Street Corp (STT) had a bearish movement today, possibly influenced by the credit ratings agency Moody's warning about the US banking system and the potential for increased deposit outflows due to declining profitability.
  • The sell rating issued by StockNews.com on Oragenics (OGEN) may have also contributed to the bearish sentiment in the market.
  • The reduction of stakes in Avista Corp and John Wiley & Sons Inc by State Street Corp might have added to the negative sentiment surrounding the company.
  • Overall, the combination of negative news and market factors likely led to the bearish movement in State Street Corp's stock today.

14.07.2023 - STT Stock was down 2.3%

  • State Street Corp experienced a strong bearish movement today.
  • Moody's recently issued a warning on the US banking system, including State Street Corp, stating that American banks are faced with the possibility of increased deposit outflows due to declining profitability and the Federal Reserve's ongoing rate hikes.
  • Moody's decision to lower the ratings of 10 regional banks, including State Street Corp, and considering downgrading several major lenders indicates concerns about the banks' liquidity and capital due to interest rate and asset-liability management risks.
  • The overall market sentiment for State Street Corp and other US banks is negative, with rising costs of capital, deteriorating profits, and climbing risks to assets. The stress on banks can be attributed to the Federal Reserve's policy decisions over the past year and a half.
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Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.