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State Street has agreed to buy the Santander CACEIS Latam Securities Services joint venture. This deal adds about $470 billion in assets under custody, the assets the bank holds and protects for clients, and $225 billion in assets under administration, where it handles tasks like accounting and reporting.
This is a direct play to grow the company's footprint in Latin America. For a custodian bank, size is the primary advantage. Adding nearly $700 billion in total assets helps State Street spread its technology and staff costs across a larger base, which should make the business more profitable over time.
Source: Business Wire
Evercore ISI raised its target price from $186 to $200 while keeping an Outperform rating. This suggests the firm expects the stock to do better than the average company in the market. The move follows a quarter where State Street's fees and total assets reached new highs, giving analysts more confidence in the bank's ability to grow its earnings.
Source: Evercore ISI
Barclays increased its price target from $165 to $200. This is a significant jump that reflects the bank's strong performance in the second quarter, where it brought in more fees and managed more assets than ever before. While Barclays kept its Equal Weight rating, meaning they think the stock will perform in line with the broader market, the higher target shows they see more value in the business than they did previously.
Source: Barclays
Management has a perfect two-year streak of beating expectations. They consistently set a bar they can clear, which makes their financial targets feel reliable.
| Expectation | |
|---|---|
| EPS | $3.59 |
| Revenue | $4.00B |
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