---
title: State Street (STT) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/stt
ticker: STT
as_of: 2026-10-17
sector: Financial Services
industry: Asset Management
---
# State Street (STT)

State Street (STT) closed at $165.72 on Oct 16, 2026, overvalued by 5% vs its model value of $158.02 (from the justified price to tangible book).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $165.72 (Oct 16, 2026) |
| Model value (from the justified price to tangible book) | $158.02 |
| Price vs model | overvalued by 5% vs model |
| Range of that model | $138.27 – $184.36 |
| Market value | $45.5B |
| P/E (fiscal 2025) | 17.6 |
| Net margin (fiscal 2025) | 13.0% |
| Free cash flow (fiscal 2025) | $10.8B |
| Dividend yield (trailing twelve months) | 2.08% |
| Beta | 1.42 |
| Cost of capital (WACC) | 10.91% |
| Business classification | Dividend Payer (Low/slowing growth (~8% recent), High profitability (21% net margin), Pays dividends, Highly cyclical earnings, Strong FCF yield (23.8%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.08% |
| Dividends per share, last 12 months | $3.44 |
| Dividends / earnings (fiscal 2025) | 38.0% |
| Raised | 15 years in a row |
| Growth over 5 years | 10.1% a year |
| Latest payment | $0.92, ex-date Oct 1, 2026, paid Oct 13, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 30, 2021 | $2.13 |
| To Sep 30, 2022 | $2.34 |
| To Sep 29, 2023 | $2.58 |
| To Oct 1, 2024 | $2.83 |
| To Oct 1, 2025 | $3.12 |
| Trailing twelve months (to Oct 1, 2026) | $3.44 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/TBV · justified | primary | $158.02 | $138.27 | $184.36 |
| P/E · peers | cross check | $196.62 | $192.22 | $201.02 |
| P/E · own history | cross check | $150.92 | $119.90 | $167.97 |
| PEG | sanity check | $322.37 | $322.37 | $322.37 |
| Dividend discount | cross check | $57.41 | $41.91 | $84.41 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 4 open-market sales ($5.6M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 9, 2026 | Vollert Karl Alexander | Director | Grant / award | 784 | $0 |
| Sep 2, 2026 | RICHARDS MICHAEL L | EVP and Chief Admin Officer | Bona fide gift | 1,009 | $0 |
| Aug 31, 2026 | Read Craig Jack | EVP, Global Controller and CAO | Grant / award | 9,408 | $0 |
| Aug 14, 2026 | O HANLEY RONALD P | Chairman, CEO and President | Option/RSU exercise | 2,204 | $0 |
| Aug 14, 2026 | O HANLEY RONALD P | Chairman, CEO and President | Disposition to issuer | 2,204 | $404,985 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 15, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/93751/000119312526422400/d744701d424b5.htm |
| Oct 14, 2026 | 8-K | 2.02 Results of Operations (Earnings); 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/93751/000009375126000592/stt-20261009.htm |
| Sep 14, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/93751/000009375126000580/stt-20260911.htm |
| Aug 12, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/93751/000119312526346938/d167699d8k.htm |
| Aug 7, 2026 | 8-K | 3.03 Modification to Security-Holder Rights; 5.03 Amendment to Articles/Bylaws; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/93751/000119312526340238/d160462d8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Bill Nygren | 2026-06-30 | 4,765,306 | $808.2M |
| Yacktman | 2026-06-30 | 919,740 | $156.0M |
| Christopher Davis | 2026-06-30 | 147,966 | $25.1M |
| Bridgewater | 2026-06-30 | 99,738 | $16.9M |

6 tracked managers in all.

## About

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 perf…

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Source: https://sweetvaluelab.com/stocks/stt (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.