State Street stock outperformed expectations in Q2 with positive year-to-date performance

From Nasdaq: 2024-07-21 11:06:27

State Street’s stock (NYSE: STT) has gained 10% YTD, trading at $85 per share, 2% below its fair value of $87. In Q2 2024, it reported total revenues of $3.19 billion, up 3% y-o-y, with Assets under Custody & Administration at $44.31 trillion and Adjusted Net Income at $711 million. In FY 2023, its top line decreased 2% y-o-y to $11.94 billion.

The Trefis reinforced Value Portfolio experienced a 1% return MTD in July 2024 and a 10% return YTD. Overall, the STT stock has seen a return of 10% since 2017, while the S&P 500 has had a total return of 150% over the same period. The High Quality Portfolio has yielded a cumulative return of 665% since 2016.

Looking ahead, State Street’s revenues are forecasted to remain around $12.55 billion in FY2024, with an annual GAAP EPS of $5.71. A P/E multiple just above 15x indicates a valuation of $87 for STT. Will the stock continue to outperform the benchmark index amidst an uncertain macroeconomic environment with high oil prices and elevated interest rates? Only time will tell.



Read more at Nasdaq: State Street Stock Outperformed The Consensus In Q2, What’s Next?