Stock Alert: Shares Of State Street Corp. (STT) Hit 52-Week High

Shares of the Boston, Massachusetts-based financial products and services provider State Street Corp. (STT) touched a new 52-week high of $82.00 on Jan. 7, 2020, and closed Tuesday’s trading session at $81.91, up $1.12 or 1.39%.

Recent Happenings

Last month, State Street’s board appointed Ronald (Ron) O’Hanley, State Street’s chief executive officer, as chairman, effective January 1, 2020, following Jay Hooley’s planned retirement.

November 6, 2019, State Street announced a strategic partnership to distribute the State Street MediaStats Equity Indicators on the Open:FactSet Marketplace.

Q3 Highlights

On Oct. 18, 2019, the company reported Q3 net income of $583 million or $1.42 per share versus $764 million or $1.87 per share last year.

Total revenue declined 2.9% to $2.90 billion from $2.99 billion generated a year ago.

* Returned about $690 million of capital to shareholders in share repurchases and dividends.

* New investment servicing wins total $1 trillion during quarter and continued strong front-to-back pipeline.

* Expense savings program expected to achieve $400 million target in 2019 with $275 million of savings realized year-to-date.

While commenting on the Q3 results, State Street’s President and CEO Ron O’Hanley, noted, that despite an uncertain revenue environment, the company saw sequential fee revenue growth in FX trading services in its Global Markets business and strong NII. State Street’s strong performance under the 2019 CCAR stress test allowed it to increase its quarterly dividend by 11% from 2Q19 and boost its total capital return to shareholders, he said.

State Street is slated to release its Q4 results on Friday, January 17, 2020 at about 7:30 a.m. EST.

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