State Street Paid $187.83 A Share In Buybacks, Up From $159.63 A Quarter Earlier
The bank spent $400 million on 2.1 million shares in the third quarter, then sold $750 million of notes to refinance cheaper debt.
State Street, the custody bank and asset manager, repurchased 2.1 million shares in the third quarter at an average $187.83 for $400 million, its 10-Q filed Wednesday shows. The stock closed Wednesday at $173.54.
Fewer shares for the same $400 million
The prior quarter's 10-Q put the same $400 million buyback at 2.5 million shares and $159.63 a share. The average price paid rose to $187.83 and fewer shares were retired.
The bank returned $651 million to common shareholders in the quarter: the $400 million of buybacks plus $251 million of declared dividends, or $0.92 a share. All purchases ran under the board-approved repurchase program.
Average diluted shares fell to 279,292 thousand from 288,163 thousand a year earlier. Diluted earnings per share rose 33% to $3.69, on net income of $1,090 million.
Refinancing cheap notes with 5.963% paper
After quarter-end, State Street said it will redeem all $500 million of its 1.684% senior notes due 2027 on November 18. On October 20 it issued $750 million of 5.963% senior notes due 2037.
On August 12 it also sold depositary shares of Series L preferred stock for net proceeds of about $496 million.
The business behind the buyback
State Street provides custody, fund administration, trading and securities finance to institutional investors, and manages money through State Street Investment Management, including ETFs. As of September 30 it reported $59.17 trillion in assets under custody and administration and $6.31 trillion under management.
Third-quarter revenue rose 13% to $4,004 million, as results released October 14 showed. Its standardized CET1 capital ratio, a core measure of bank capital strength, stood at 11.0%, down from 11.6% at year-end.
A Pomerantz law-firm release said the stock fell $7.21 on October 14, the day of results, to $166.89.
The buyback pace held at $400 million a quarter while the 1.684% notes are replaced by 5.963% debt, with the redemption set for November 18.
Sources
- 10-Q Filing — State Street Corp. (STT) — SEC EDGAR
- 10-Q Filing — State Street Corp. (STT), Q2 FY2026 filed 2026-07-30 (comparison basis) — SEC EDGAR
- Results presentation (8-K Item 2.02, a3q26earningspressrelease.htm) — State Street Corp., filed 2026-10-14 — SEC EDGAR
- State Street Advances Daily NAV Capabilities for Private Markets Strategies in Support of Apollo's Daily Pricing Initiative – Company Announcement - FT.com — Financial Times
- State Street Invests in Texas Stock Exchange, TXSE CEO Lee Says — news.bloomberglaw.com
- State Street Corporation (STT) Stock Forecasts — Yahoo Finance
- INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On — globenewswire.com
