# State Street Corporation (STT)

> Source: Nexqual · https://nexqual.com/STT · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, State Street Corporation (STT), nexqual.com/STT" · informational, not investment advice.

**Price:** USD 167.84 (-0.66% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 168.95 · day 165.54–170 · 52w 111.63–195.93 · market cap $46.1B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.1B, net income $3.46B (23.0% margin) (SEC filings).
- Valuation: P/E 13.3x (avg 12.2x at the last 3 fiscal year-ends).
- 5 of 80 tracked superinvestors hold STT (13F, Q2 2026): 1 new, 1 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $14.8M; 5 not under a Rule 10b5-1 plan ($2.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (17 analysts), mean target USD 192.3 (range 152–230).
- Total return with dividends: 1Y +49.9% vs S&P 500 +14.9%; 5Y +97.6% vs S&P 500 +80.3%.
- Next earnings: 2027-01-15, EPS estimate USD 3.63, revenue estimate $4.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.0B | $12.1B | $11.9B | $13.0B | $13.9B | $15.1B |
| Net income | $2.69B | $2.77B | $1.94B | $2.69B | $2.94B | $3.46B |
| EPS (diluted) | $7.19 | $7.19 | $5.58 | $8.21 | $9.40 | — |
| Free cash flow | -$7.52B | $11.2B | -$126M | -$14.1B | $10.8B | $2.02B |
| Net margin | 22.4% | 22.8% | 16.3% | 20.7% | 21.1% | 23.0% |
| Revenue growth | +2.8% | +1.0% | -1.7% | +8.8% | +7.3% | — |
| Cash + short-term investments | $3.63B | $3.97B | $4.05B | $3.15B | $4.43B | — |
| Total debt | $13.5B | $15.0B | $18.8B | $23.3B | $25.1B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 13.3x · P/S 3.1x · P/FCF 22.8x · P/B 1.6x · FCF yield 4.38% · Earnings yield 7.50% · Dividend yield (paid, TTM) 2.51% · Buyback yield (TTM) 3.47%
P/E at fiscal year-ends: Dec 2025 12.7x, Dec 2024 11.0x, Dec 2023 13.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
5 of 80 tracked investors hold STT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 1.93% | $156M | Added +1.2% |
| Bill Nygren | Oakmark Funds | 1.08% | $808M | Reduced -22.5% |
| Christopher Davis | Davis Advisors | 0.11% | $25.1M | Reduced -2.8% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $5.7M | Reduced -99.0% |
| Richard Pzena | Pzena Investment Management | <0.01% | $209K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | O Hanley Ronald P | Chairman, CEO and President | 14,554 | $2.4M | 4.8% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Schaefer Elizabeth | SVP, Chief Accounting Officer | 500 | $91K | 5.8% | No | Too little history (no open-market trades in 2023) |
| 2026-07-24 | Hu W. Bradford | EVP and Chief Risk Officer | 9,758 | $1.8M | 16.4% | Yes (adopted February 24, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-21 | Horgan Kathryn M | Executive Vice President | 5,523 | $1.0M | 5.1% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-07-21 | O Hanley Ronald P | Chairman, CEO and President | 14,553 | $2.7M | 4.5% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-11 | Horgan Kathryn M | Executive Vice President | 5,500 | $895K | 4.8% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-08 | Richards Michael L | EVP and Chief Admin Officer | 1,500 | $243K | 3.4% | No | Too little history (no open-market trades in 2024) |
| 2026-05-26 | Hu W. Bradford | EVP and Chief Risk Officer | 9,212 | $1.4M | 13.4% | Yes (adopted February 24, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | O Hanley Ronald P | Chairman, CEO and President | 14,553 | $2.3M | 4.3% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Schaefer Elizabeth | SVP, Chief Accounting Officer | 500 | $75K | 5.4% | No | Too little history (no open-market trades in 2023) |
| 2026-04-22 | Tahiri Mostapha | EVP and COO | 9,611 | $1.5M | 12.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-22 | Richards Michael L | EVP and Chief Admin Officer | 3,000 | $462K | 6.4% | No | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 17 analysts; mean target USD 192.3 (low 152, high 230).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | BMO Capital | Target lowered | Outperform | $200 → $185 |
| 2026-10-16 | Citigroup | Target lowered | Buy | $212 → $190 |
| 2026-10-15 | Truist Securities | Target lowered | Hold | $190 → $171 |
| 2026-10-15 | RBC Capital | Target lowered | Sector Perform | $196 → $175 |
| 2026-10-15 | Evercore ISI Group | Target lowered | Outperform | $200 → $185 |
| 2026-10-15 | Keefe, Bruyette & Woods | Target raised | Outperform | $220 → $230 |
| 2026-10-06 | Truist Securities | Target lowered | Hold | $191 → $190 |
| 2026-10-06 | BMO Capital | Target lowered | Outperform | $212 → $200 |
| 2026-10-05 | Citigroup | Target raised | Buy | $210 → $212 |
| 2026-10-02 | JP Morgan | Target raised | Neutral | $187 → $187.5 |
| 2026-08-04 | JP Morgan | Target raised | Neutral | $176.5 → $187 |
| 2026-07-20 | Evercore ISI Group | Target raised | Outperform | $186 → $200 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +49.9% | +97.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +50.1% | +14.6% |
| Volatility (annualized) | 24.2% | 29.0% |
| Max drawdown | -14.4% (Sep 2026→Oct 2026) | -40.1% (Jan 2022→Jun 2022) |

## Peers (Asset Management)
AMP (Ameriprise Financial, Inc.) USD 496.83 +1.29% · ARES (Ares Management Corporation) USD 123.7 +5.72% · APO (Apollo Global Management, Inc. ) USD 114.83 +2.81% · RJF (Raymond James Financial, Inc.) USD 159.19 +2.25% · NTRS (Northern Trust Corporation) USD 165.82 -0.65% · BAM (Brookfield Asset Management Inc) USD 47.64 +3.45%

## More
Full page: https://nexqual.com/STT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name STT in their own reports (relationship from STT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | SS&C Technologies Holdings Inc (SSNC) | 10-K 2026-02-26 | "International Financial Data Services L.P. ("IFDS L.P.") is a 50% owned joint venture with State Street Corporation with operations in Canada." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Investment Servicing | $3.24B | 80.1% | +14.0% |
| Investment Management | $806.0M | 19.9% | +29.0% |
| Total revenue | $4.05B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total fee revenue | $1.81B | 44.8% | +9.5% |
| — Account Servicing (part of Total fee revenue) | $1.47B | 36.3% | +12.6% |
| — Software services (part of Total fee revenue) | $166.0M | 4.1% | -14.0% |
| — Foreign exchange trading services (part of Total fee revenue) | $113.0M | 2.8% | +3.7% |
| — Securities finance (part of Total fee revenue) | $56.0M | 1.4% | +7.7% |
| — Other fee revenue (part of Total fee revenue) | $12.0M | 0.3% | — |
| Total revenue | $1.81B | 44.8% | +9.5% |
| Total revenue | $4.05B | 100% | — |
The lines above cover 89.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $2.23B | 55.2% | +13.1% |
| Non-U.S. | $1.81B | 44.8% | +23.1% |
| Total revenue | $4.05B | 100% | — |

## Company outlook (8-K filed 2026-10-14)

- "For 3Q26, State Street expects to publish its updates during the period beginning today and ending on or about November 9, 2026 and on or about November 14, 2026 for the liquidity coverage ratio."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $3.63 | $3.55 | +2.2% | $4.07B | 12 |
| Next quarter (ends 2027-03-31) | $3.36 | $3.33 | +0.9% | $4.09B | 9 |
| Current fiscal year (ends 2026-12-31) | $13.81 | $13.66 | +1.1% | $15.92B | 14 |
| Next fiscal year (ends 2027-12-31) | $15.51 | $15.25 | +1.7% | $16.81B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2027-01-15): ±10.8%; earnings reaction alone ±4.4%; last 7 reports averaged ±4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.2% | ±6.2% |
| 2026-12-18 | 56 | 25.3% | ±8.1% |
| 2027-01-15 | 84 | 27.6% | ±10.8% |
| 2027-02-19 | 119 | 27.9% | ±12.8% |
| 2027-03-19 | 147 | 27.7% | ±14.2% |
| 2027-05-21 | 210 | 29.6% | ±17.9% |
| 2027-06-17 | 237 | 29.2% | ±18.7% |
| 2027-09-17 | 329 | 30.2% | ±22.7% |