State Street Corp

STT: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$72.00	Wmgbk	Tgwbnbhn

State Street Earnings: Decent Start to 2024 as Revenue Outlook Tweaked Higher

Rajiv Bhatia

Apr 12, 2024

State Street is off to a decent start to 2024. First-quarter revenue of $3.14 billion and adjusted EPS of $1.69 edged out the respective FactSet consensus estimates of $3.06 billion and $1.49. Net interest income, which tends to be more volatile than fee revenue, was the driver of the beat. State Street did tweak its outlook higher, but our model was above the firm’s prior outlook. Overall, we will maintain our wide moat rating and fair value estimate of $74 and regard shares as being roughly fairly valued.

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