State Street Corporation ($STT) Stock Forecast: Up 3.2% Today

What is State Street Corporation?

State Street Corporation (NYSE: STT) operates in the financial services sector, providing a variety of investment management services. The company showed a significant increase in market value today.

Why is State Street Corporation going up?

STT stock is up 3.2% on Oct 15, 2024 16:25

• State Street Corporation (STT) performed well in the third quarter, surpassing analysts' forecasts for earnings per share. This strong financial performance is believed to have driven the stock's surge.
• Despite the news of the Chief Financial Officer's planned departure in 2025 causing initial uncertainty, the robust earnings results outshone this development.
• Investor confidence was likely bolstered by the emphasis on fee revenues driving earnings and considerations of how net interest revenues and expenses could impact the financials, indicating optimism about the company's future growth.
• Surpassing both earnings and revenue estimates, combined with positive forecasts from financial analysts, further solidified investor trust in State Street Corporation, contributing to the bullish trend in the market.

STT Price Chart

STT Technical Analysis

STT News

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

State Street Corporation STT 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 outpaced the street view of $3.19 billion.

https://www.benzinga.com/news/earnings/24/10/41329948/state-street-q3-earnings-aum-soars-to-4-7t-announces-cfo-eric-aboafs-departure-in-2025

State Street Corporation ( STT ) Beats Q3 Earnings and Revenue Estimates

State Street (STT) delivered earnings and revenue surprises of 8.65% and 5.04%, respectively, for the quarter ended September 2024. Do the numbers hold clues to what lies ahead for the stock?

https://www.zacks.com/stock/news/2350407/state-street-corporation-stt-beats-q3-earnings-and-revenue-estimates

Fee Revenues to Aid State Street Q3 Earnings, NIR & Expenses to Hurt

Fee revenues are likely to have aided STT's third-quarter 2024 earnings, while a fall in net interest revenues and high costs are likely to have hurt the same.

https://www.zacks.com/stock/news/2349149/fee-revenues-to-aid-state-street-q3-earnings-nir-expenses-to-hurt

3 State Street Global Advisors Mutual Funds to Invest in

Invest in State Street Global Advisors mutual funds like ELFNX, SSAQX and SSILX for reliable returns.

https://www.zacks.com/stock/news/2349146/3-state-street-global-advisors-mutual-funds-to-invest-in

Seeking Clues to State Street ( STT ) Q3 Earnings? A Peek Into Wall Street Projections for Key Metrics

Besides Wall Street's top -and-bottom-line estimates for State Street (STT), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended September 2024.

https://www.zacks.com/stock/news/2348763/seeking-clues-to-state-street-stt-q3-earnings-a-peek-into-wall-street-projections-for-key-metrics

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State Street Corporation Price History

15.09.2024 - STT Stock was up 3.2%

• State Street Corporation (STT) performed well in the third quarter, surpassing analysts' forecasts for earnings per share. This strong financial performance is believed to have driven the stock's surge.
• Despite the news of the Chief Financial Officer's planned departure in 2025 causing initial uncertainty, the robust earnings results outshone this development.
• Investor confidence was likely bolstered by the emphasis on fee revenues driving earnings and considerations of how net interest revenues and expenses could impact the financials, indicating optimism about the company's future growth.
• Surpassing both earnings and revenue estimates, combined with positive forecasts from financial analysts, further solidified investor trust in State Street Corporation, contributing to the bullish trend in the market.

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.

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.

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.

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.

17.06.2024 - STT Stock was up 5.1%

• State Street shares surged after a positive earnings report and receiving a price target boost from Evercore ISI, indicating strong financial performance and investor confidence.
• State Street's adjustment of its investments in Magellan Financial Group and Boss Energy might have signaled strategic portfolio adjustments that were positively received by investors.
• Despite challenges in the tech sector due to recent developments in China, State Street's strong performance and positive earnings call have contributed to its bullish movement, showcasing its ability to navigate market conditions successfully.

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.