State Street's Financial Fortitude: Q2 Earnings Beat with Soaring Management Fees and Asset Growth
Portfolio Pulse from Akanksha Bakshi
State Street Corporation (NYSE:STT) reported strong Q2 2024 earnings, with revenues of $3.191 billion, beating estimates. Key drivers included higher Net Interest Income and a rise in management fees. EPS of $2.15 also surpassed expectations. The company saw a 16% increase in AUM and announced a planned 10% dividend increase.
July 16, 2024 | 2:06 pm
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State Street Corporation reported Q2 2024 revenues of $3.191 billion, beating estimates. Key drivers included higher Net Interest Income and a rise in management fees. EPS of $2.15 also surpassed expectations. The company saw a 16% increase in AUM and announced a planned 10% dividend increase.
State Street's strong Q2 earnings report, driven by higher Net Interest Income and management fees, along with a significant increase in AUM and a planned dividend hike, is likely to positively impact the stock price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100