State Street CorporationNYSE
Yesterday, 11:51 AM
- The financial sector is taking a breather from its staggering post-election run, with a post-jobs report dip in rates a good enough excuse for satiated bulls to cash in some chips.
- XLF -1%, KBE -0.7%, KRE -0.7%.
- Individual issues: Bank of America (BAC -1.8%), Morgan Stanley (MS -1.2%), Citigroup (C -1.9%), M&T (MTB -1.1%), Flagstar (FBC -1.7%), Fifth Third (FITB -1.6%), PNC Financial (PNC -1.4%), Prudential (PRU -1.1%), Lincoln National (LNC -1.9%), Schwab (SCHW -2.1%), State Street (STT -1.8%)
- No longer part of the financial sector as far as the GICS classification, REITs are enjoying the respite in rates. IYR +1.6%, VNQ +1.6%
- Realty Income (O +4.1%), Vereit (VER +3%), Omega Healthcare (OHI +3.2%), Welltower (HCN +3.5%), HCP (HCP +2.7%), Universal Health (UHT +4.4%), W.P. Carey (WPC +2%), Lexington Realty (LXP +2.5%), Essex Property (ESS +1.2%), Aimco (AIV +1.5%), General Growth (GGP +2.6%), Brixmor (BRX +1.6%), Federal Realty (FRT +1.8%), Kimco (KIM +1.2%), Public Storage (PSA +1.4%), Life Storage (LSI +1.4%), Boston Properties (BXP +1.2%), Stag Industrial (STAG +2.4%).
Wed, Oct. 26, 7:02 AM
Tue, Oct. 25, 5:30 PM
- AB, AGCO, AIT, ALLY, AOS, AVX, AVY, BA, BCO, BEN, BIIB, BOKF, BSX, CFR, CG, CMCSA, DTE, ENTG, EVR, EXAS, FDML, FLIR, GD, GNRC, GRA, GRMN, GRUB, HBAN, HES, HLT, IR, KO, LEA, LH, LRN, LUV, MDCO, MDLZ, MKTX, MMYT, NAP, NDAQ, NEO, NOC, NSC, NYCB, OC, PAG, PB, POL, RES, ROL, SAIA, SIX, SLAB, SLGN, SMED, SONS, SPG, STRA, STT, UCBI, VG, VLY, VNTV, WEC, WM, WOOF, WYN
Mon, Oct. 24, 10:11 AM
- Renewing a 16-year partnership, Pimco has reappointed State Street (NYSE:STT) to handle the firm's back-office investment operations in Newport Beach (in support of $1.5T of AUM).
- Separately, the two have also agreed in principle for State Street to provide accounting, custody, fund administration and transfer agency services for another $140B in AUM. These would be in addition to the $397B of Pimco-managed assets similarly serviced by State Street, and should include the full suite of back-office services for Pimco's Irish Plc’s and Luxembourg Trusts and Cayman/Bermuda Trusts and certain custody services for private equity and hedge funds.
Tue, Oct. 18, 3:18 PM
- Another $23.6B exited active U.S. equity funds in September, according to Morningstar. That's down from $25.4B which left the previous month.
- Meanwhile, passive funds saw net inflows of $19.3B in September vs. $16.4B in August.
- Vanguard topped the passive provider list with nearly $21B in inflows, with iShares (NYSE:BLK) and Fidelity next in line, and State Street (NYSE:STT) falling to fourth place with $1.5B of inflows. Alongside those passive inflows, Fidelity experienced $3.4B in outflows from its active funds.
- Earlier today, BlackRock reported a Q3 earnings beat, with its iShares unit providing the vast majority of quarterly inflows.
Wed, Oct. 5, 9:53 AM
- State Street (STT +0.8%) has been rated Underperform at KBW, but the stock's had a nice relative run, up 8.5% YTD vs. small declines for peers BNY Mellon and Northern Trust.
- KBW upgrades to Market Perform.
Wed, Oct. 5, 7:43 AM
- The cuts affect 15 ETFs and cover $216B in assets, and will lower expenses on those funds to at or below those from Vanguard and State Street (NYSE:STT).
- Among the now cheaper funds are the iShares Core S&P 50 ETF (NYSEARCA:IVV), which now costs 0.04% from 0.07%, and the iShares Core U.S. Aggregate Bond ETF (NYSEARCA:AGG), which now costs 0.05% from 0.08%.
- Among the reasons for the reductions is BlackRock's (NYSE:BLK) belief that the new DOL fiduciary rule will push even more money into passive investing. "We believe the rule will have as big an impact for the wealth-management industry as Dodd-Frank had on banks,” says CEO Larry Fink.
- Global iShares head Mark Weidman says BlackRock wants the IVV to top similar products from Vanguard (the VOO) and State Street (the SPY). SPY (with a fee of 0.0945%) currently has nearly $200B in AUM vs. VOO at $79B.
Wed, Sep. 28, 9:39 AM
- Eric Aboaf will join State Street (NYSE:STT) as CFO in December. Fifty-two years old, Aboaf comes over from Citizens Financial Group (NYSE:CFG), where he was also CFO. Prior to CFG, Aboaf was at Citigroup for 12 years.
- He will succeed Mike Bell, whose departure from State Street was announced in March.
Wed, Sep. 21, 12:10 PM
- Smart Beta ETFs may be key for the next leg of industry growth, says asset manager analyst William Katz. Further, he expects to see a narrowing of winners, with low probability for newer entrants to pick up sizable market share gains. The key areas of opportunity, he says, are fixed-income, non-U.S., and institutional channels, with growth there coming from further declines in active management and single-stock trading.
- Back to being an early entrant: Katz says there's +0.81 correlation between the age of an ETF and AUM, and 71% of first-mover funds have the highest AUM for their category. For these reasons, current leaders like iShares (NYSE:BLK), Vanguard, State Street (NYSE:STT), PowerShares (NYSE:IVZ), and Schwab (NYSE:SCHW) should remain among the largest ETF sponsors.
Fri, Sep. 16, 1:10 PM
- There were an estimated $25.4B of outflows from active U.S. equity funds in August compared to $32.9B in July. Passive money attracted $16.4B of inflows versus $33.8B in July.
- Emerging markets remain popular, with $7.3B flowing out of developed markets and $6.2B into emerging ones.
- Looking at the top 10 U.S. fund families, only Vanguard, State Street (NYSE:STT) and T. Rowe Price (NASDAQ:TROW) saw inflows into active strategies. Vanguard also led the way in passive, with $20.7B in inflows.
- Previously: Active managers close out worst five years since 1999 (Sept. 16)
Thu, Sep. 15, 4:58 PM
- State Street (NYSE:STT) declares $0.38/share quarterly dividend, 11.8% increase from prior dividend of $0.34.
- Forward yield 2.16%
- Payable Oct. 17; for shareholders of record Oct. 3; ex-div Sept. 29.
- Previously: State Street Corporation capital plan approved by Fed (June 29)
Tue, Sep. 6, 7:39 AM
Thu, Sep. 1, 4:09 AM
- Despite an increasing regulatory burden and lackluster share performance, the U.S. banking industry just logged its most profitable quarter ever, according to figures from SNL Financial and S&P Global Market Intelligence.
- Earnings for the three-month period totaled $43.6B, compared to the $43.01B in Q2 of 2015, a 1.4% beat.
- On a sequential basis, the April-to-June period topped the previous quarter by $4.56B, an 11.7% rise.
- Related tickers: JPM, C, BAC, WFC, GS, MS, USB, BK, STT, PNC, COF
Thu, Aug. 18, 3:26 PM
- AUM at U.S.-listed funds rose to $2.367T at the end of July, up from $2.256T a month earlier, according to ETFGI.
- Meanwhile global ETF assets rose to $3.34T, also a record.
- Equity funds drew is $33.36B amid a major stock rally; fixed-income $13.25B, and commodity funds $5.45B.
- BlackRock's (NYSE:BLK) iShares was number one for inflows with $23.45B, followed by SSgA's (NYSE:STT) SPDRs with $14.34B, and Vanguard with $7.17B.
Wed, Jul. 27, 1:00 PM
Wed, Jul. 27, 10:46 AM
- Q2 net income of $582M or $1.46 per share vs. $565M and $1.36 one year ago.
- Total fee revenue of $2.13B down 2% Y/Y. Net interest revenue of $546M down 1.8%. Expenses of $1.828B down 2.8%.
- Concerning the Brexit vote, the outlook for European operations has not been affected other than the impact of lower for longer interest rates.
- $390M of stock bought back during quarter for $59.66 per share. New capital return plan is for $1.4B of buybacks over next year, and dividend is hiked 12% to $0.38 per share.
- Assets under custody of $27.8T down 3% Y/Y. AUM of $2.3T down 3.1%.
- Previously: State Street beats by $0.20, beats on revenue (July 27)
- STT +6.6%