U.S. custodian bank State Street to buy investment firm Charles River [Reuters]
State Street Corporation (STT)
Last state street corporation earnings: 4/17 07:38 am
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Source: Reuters
U.S. custodian bank State Street to buy investment firm Charles River | Reuters Reuters Staff 1 Min Read (Reuters) - U.S. custodian bank State Street Corp ( STT.N ) said on Friday it would buy Charles River Development, a privately held investment management firm, for $2.6 billion in cash. The bank, which reported a 15.4 percent rise in second-quarter profit, said it would suspend $950 million worth of share repurchases and issue fresh equity to finance the deal. About two-thirds of the new equity would be in the form of common stock and the rest in preferred stock, State Street said. “Today’s announcement represents an important milestone in our digital and technology transformation,” Chief Executive Officer Jay Hooley said in a statement. The deal, which is likely to close in the fourth quarter, would add to the bank’s earnings in 2020. Reporting by Nikhil Subba in Bengaluru All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2
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News
- State Street Co. (NYSE: STT) had its price target raised by analysts at Morgan Stanley from $89.00 to $90.00. They now have an "equal weight" rating on the stock.MarketBeat
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- State Street Co. (NYSE: STT) had its price target raised by analysts at JPMorgan Chase & Co. from $79.50 to $80.50.MarketBeat
- State Street Co. (NYSE: STT) had its price target raised by analysts at UBS Group AG from $80.00 to $82.00. They now have a "neutral" rating on the stock.MarketBeat
STT
Earnings
- 4/12/24 - Miss
STT
Sec Filings
- 4/12/24 - Form 8-K
- 4/8/24 - Form 144
- 4/4/24 - Form ARS/A
- STT's page on the SEC website