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Company Overview - State Street Corporation (NYSE:STT) recently issued a par $1,000 preferred stock with a coupon of 6.7% until March 15, 2029, with a reset every five years thereafter [4] - The company has a modest common stock market cap of $22 billion and is classified as a Global Systemically Important Bank (GSIB) [5] - State Street plays a crucial role in the financial system, primarily focusing on asset custody, managing $40 trillion in assets [8] Preferred Stock Details - The preferred stock has a coupon that resets to the 5-Year US Treasury rate plus a spread of 2.61% [4] - It is rated Baa1 (negative) by Moody's, BBB by S&P, and BBB+ by Fitch [4] - The issuance size of the preferred stock is $1.45 billion, with dividends paid quarterly and qualified for a 15% tax rate [4] Investment Considerations - The preferred stock is seen as a good value compared to alternatives, offering at least 0.9% more yield than comparable GSIB preferred stocks [12] - The STT preferreds provide an attractive spread of 261 basis points over the average BBB corporate bond market, which yields 5.55% [13] - The fixed-reset feature of the preferred stock mitigates interest rate risk, as the coupon will rise if interest rates increase [11] Market Position - State Street has the highest credit rating among US-based GSIBs, surpassing major competitors like JPMorgan and Bank of America [10] - The preferred stock is considered modestly undervalued in the current market, with potential for recovery to par value after any downturns [14] - The company is positioned to maintain stability and lower price volatility compared to traditional banks that take on credit risk [9]

BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced a quarterly cash dividend of $0.69 per share of common stock, payable on April 11, 2024 to common shareholders of record at the close of business on April 1, 2024. About State Street Corporation State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $41.8 trillion ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-07511 STATE STREET CORPORATION (Exact name of registrant as specified in its charter) Massachusetts 04-2456637 (State or other jurisdiction of incorp ...

BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE:STT) today announced that it will redeem $750 million, or all of its 7,500 outstanding shares, of non-cumulative perpetual preferred stock, Series D (“Series D Preferred Stock”) (represented by 30,000,000 depositary shares, each representing a 1/4000th interest in a share of Series D Preferred Stock) on March 15, 2024 (the “Redemption Date”), for cash at a redemption price of $100,000 per share (equivalent to $25 per depositary share) plus all dividend ...

BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced the expansion of its Fund Connect ETF portal via upgrades to its Application Protocol Interface (API), now offering coverage to all clients globally including Europe and the APAC region. Fund Connect ETF APIs have been available in the U.S. and Canada for years and account for nearly half of North American order volumes. Fund Connect ETF is a global online portal that facilitates the creation and redemption of ETFs, designed as ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a m ...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Federated Underwriting Company (Federated) (Colchester, VT). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Federated’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also re ...

State Street Corporation (STT) completed the acquisition of CF Global Trading. STT entered the agreement in March 2023 in an effort to further expand its outsourced trading capabilities. Financial terms of the deal were undisclosed.CF Global Trading specializes in outsourced trading on an agency basis for a variety of asset classes, including equities, listed derivatives and fixed income. Its established team of traders has helped asset managers extend global trading infrastructure, improve access to liquid ...

BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) announced today that it has completed its acquisition of CF Global Trading, a global firm specializing in outsourced trading on an agency basis for a variety of asset classes including equities, listed derivatives and fixed income. Financial terms are not being disclosed. “Outsourced trading enables organizations to access new asset classes, prepare for regulatory shifts and navigate global markets while allowing them to focus on their strateg ...