State Street Is Riding The Wave Of Favorable Market Conditions, Analyst Says
State Street Is Riding The Wave Of Favorable Market Conditions, Analyst Says
RBC Capital analyst Gerard Cassidy reiterated a Sector Perform rating on the shares of State Street Corp (NYSE:STT) and raised the price target from $85 to $91.
RBC Capital分析師傑拉德·卡西迪(Gerard Cassidy)重申對State Street Corp（NYSE:STT）股票的板塊表現評級，並將價格目標從85美元提高至91美元。
STT reported 2Q24 EPS of $2.15 versus the analyst's $2.05 estimate.
STt報告2Q24每股收益爲2.15美元，超出分析師2.05美元的預期。
The quarter's strength was attributed to better-than-expected net interest income and fee revenues, partially offset by higher-than-expected noninterest expense, noted the analyst.
分析師指出，本季度的強勁表現歸因於超預期的淨利息收入和費用收入，部分抵消了高於預期的非利息支出。
Net interest income (FTE) was $736 million versus the prior quarter of $717 million and the year-ago quarter of $691 million.
淨利息收入（FTE）爲7,3600萬美元，高於上一季度的7,1700萬美元和去年同期的6,9100萬美元。
The company's tangible book value (TBV) per share increased 1.6% to $45.25 from $44.56 in the prior quarter and increased 4.8% from $43.18 in the year-ago period, noted the analyst.
分析師指出，公司每股有形資產淨值（TBV）從上一季度的44.56美元上漲1.6%，至45.25美元，從去年同期的43.18美元上漲4.8%。
According to the analyst, core return on average assets (ROAA) of 0.86% increased from the prior quarter of 0.70%. Core return on average common equity (ROACE) of 11.9% increased from 9.5% in the prior quarter.
分析師稱，平均資產核心回報率（ROAA）0.86%，高於上一季度的0.70%。平均普通股權核心回報率（ROACE）11.9%，高於上一季度的9.5%。
The correlation between price-to-book and price-to-tangible book value per share and ROE and ROTCE is very high and it behooves a management team to focus on long-term profitably as measured by these metrics, said the analyst.
分析師表示，市淨率與每股有形資本價值的價值之間的相關性很高，管理團隊應該專注於通過這些指標來衡量長期的盈利能力。
STT continues to win new mandates for its products and services and in the past 12 months it has had over $330 million in servicing fee wins.
STt繼續贏得其產品和服務的新業務，並在過去12個月中獲得了超過3,300萬美元的服務費。
STT's strong capital levels lead the analyst to consider its combined payout ratio should be ~100% for 2024 and 2025.
由於STT資本充足水平強勁，分析師認爲其綜合派息率應該在2024年和2025年達到100%左右。
If the Federal Reserve cuts interest rates, the analyst expects STT to see an immediate impact to its net interest income, driven by repricing.
如果聯儲局降息，分析師預計STt的淨利息收入將立即受到再定價的推動。
STT appears well positioned for the next 12 months with a strong pipeline of new business and the potential for meaningful stock buybacks, concluded the analyst.
分析師總結稱，STt在接下來的12個月中似乎處於良好的位置，擁有強大的新業務流水線和有意義的股票回購潛力。
Price Action: STT shares are trading lower by 0.39% at $84.49 at last check Wednesday.
股價表現：STt股票最後交易於週三，交易價格爲84.49美元，下跌0.39%。
Photo by Steve Smith via Flickr
通過Flickr上傳的Steve Smith的照片
譯文內容由第三人軟體翻譯。