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State Street Corporation — Intrinsic Value & Fair Price

STT
NYSEFinancial ServicesAsset ManagementCIK 0000093751statestreet.comAbout STT
Last close · Oct 16, 2026165.72−1.88 (−1.12%)
Market cap$45.5B
Model value · P/TBV · justified
158.02
State Street closed at $165.72 — overvalued by 5% vs model.
138.27the model's range184.36

P/TBV · justified leads for a bank. From the justified price to tangible book.

Other models
57.41 – 322.37
Wall St. target
187.50 12% below
Above model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.08%
Past 2 years
low 1.73%high 3.94%
Dividends per share, a year at a time
$2.13Sep ’21$2.34Sep ’22$2.58Sep ’23$2.83Oct ’24$3.12Oct ’25$3.44TTM
Dividends / earnings, FY2025
38.0%
Raised
15 years in a row
Growth, 5 yrs
10.1% a year
Last change
+9.5% · Oct 2026
Every payment, with ex-dates · latest $0.92, paid Oct 13, 2026

Research on STT

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How it is valued

Valued asBank
Low/slowing growth (~8% recent)High profitability (21% net margin)Pays dividendsHighly cyclical earningsStrong FCF yield (23.8%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for banks
Price / tangible book
2.5×
Price / book
1.7×
Return on equity
10.6%
P/E
17.6×
Dividend yield, TTM
2.08%
Payout ratio
38.0%
Full financials

Analyst actions

third-party, quoted
10-15RBC Capital · target175.00
10-15Truist Financial · target171.00
10-06Capital One Financial · target200.00
04-06B of A Securities · “Neutral” from “Underperform”upgrade
Ratings, targets and estimates

Comparable companies

by business, not by industry label
1 more company lists STT as a comparable

The weekly

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About State Street

State Street Corporation (STT) is a well-established global financial services firm that delivers a wide array of financial products and specialized services to institutional investors worldwide. The company's extensive offerings include core investment servicing functionalities such as secure asset custody, detailed product accounting, daily valuation, comprehensive administration, master trust and master custody arrangements, and specific depotbank services. It also manages record-keeping, cash, foreign exchange, brokerage, and various trading activities. Further services in this area encompass securities finance, advanced custody solutions, deposit and short-term investment facilities, as well as loan and lease financing. State Street additionally provides operational outsourcing for both traditional and alternative investment managers, complemented by sophisticated analytics for performance, risk, and compliance, along with financial data management. Beyond servicing, the firm offers capabilities in portfolio management and risk analysis, supporting trading and post-trade settlement processes with built-in compliance features and managed data solutions. Its investment management division provides a diverse range of strategies and products. These span core and enhanced indexing, multi-asset class approaches, active quantitative and fundamental management, and various alternative investment strategies. State Street is also a proponent of environmental, social, and governance (ESG) investing, offers solutions for defined benefit and defined contribution plans, and provides global fiduciary expertise, including its prominent SPDR brand of exchange-traded funds (ETFs). State Street's client roster is broad, serving mutual funds, collective investment vehicles, other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments, and other investment managers. With roots dating back to its founding in 1792, State Street Corporation is headquartered in Boston, Massachusetts.

CEO
Ronald Philip O'Hanley
Headquarters
Boston, MA
Employees
51,119
IPO
1980-03-17
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.