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MarketScreener Homepage  >  Equities  >  Nyse  >  State Street Corporation    STT

STATE STREET CORPORATION

(STT)
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State Street : and Protective Life Corporation Agree to Expand Service Agreement and Add Outsourced Accounting Solution

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09/21/2020 | 11:02am EDT

State Street Corporation (NYSE:STT) today announced that it has renewed an expanded service agreement with Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. and will now provide the insurer with outsourced accounting services for a significant portion of its separate account life and annuity business. Protective provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S.

Findings from State Street’s 2019 Growth Study suggest that insurers across the globe are focused on back and middle office enhancements. Thirty-one percent cited optimizing these parts of their business as a critical short-term technology outcome that will help them to realize their growth ambitions.

“At State Street, we’ve been developing solutions for the insurance market for over 30 years,” said Christopher Coleman, head of Global Client Coverage at State Street. “We are incredibly pleased to announce this new outsourcing agreement with Protective, as we are confident that our global accounting platform will identify and resolve exceptions, enhance efficiencies, and help to mitigate risk for Protective.”

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 $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

* Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

© 2020 State Street Corporation - All Rights Reserved

Expiration Date: September 30, 2021

3174369.1.1.GBL.RTL

© Business Wire 2020

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Financials (USD)
Sales 2020 11 604 M - -
Net income 2020 2 286 M - -
Net Debt 2020 29 546 M - -
P/E ratio 2020 10,2x
Yield 2020 3,18%
Capitalization 23 041 M 23 041 M -
EV / Sales 2020 4,53x
EV / Sales 2021 4,76x
Nbr of Employees 39 000
Free-Float 69,7%
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Technical analysis trends STATE STREET CORPORATION
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 72,72 $
Last Close Price 65,31 $
Spread / Highest target 30,1%
Spread / Average Target 11,3%
Spread / Lowest Target -8,13%
EPS Revisions
Managers
NameTitle
Ronald Philip O'Hanley Chairman, President & Chief Executive Officer
Louis D. Maiuri Chief Operating Officer & Executive Vice President
Eric W. Aboaf Chief Financial Officer & Executive Vice President
Ali El Abboud Chief Technology Officer
Brian Franz Chief Information Officer & Executive VP
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