Opinions

Mike Vinokur State Street Corp STT-N PAST TOP PICK Mar 07, 2025

(A Top Pick Jul 05/24, Up 22%)

Recent huge acquisition in Japan. Huge economies of scale. Steady grower. Fees come down or rebound along with markets. Still very cheap. Very well-capitalized balance sheet.

Mike Vinokur

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$89.305

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BUY

High quality. Long term good, but currently weak.

BUY

Good margins. A bull market will move this stock up dramatically.

DON'T BUY

Was a good stock, but too highly valued now.

WEAK BUY

Stable income from custodial fees. Prefers insurance companies.

DON'T BUY

One of the larger custodial banks and holds assets for pensions, profit sharing plans and mutual funds. The fee stream from this is probably very good and stable. Not sure the growth rate is very satisfactory to management, so started to get more aggressive and ended up hurting their reputation. Will have slow growth going forward.

TOP PICK

Custodian for securities (lending institution). Oligopoly business - very large pension funds are major clients. Declining markets hard, but not worried about prospects going forward. Gaining market share with rising profits. 3% dividend yield is good for investors.

DON'T BUY

They bought back 13.2% of shares this year. That's good, but STT lost market share to Blackrock in ETFs and that's not good. The lesson: big share buybacks doesn't alone mean a stock is a buy. The underlying business has to be sound too.

PAST TOP PICK

(A Top Pick Nov 01/22, Down 2%)

Somewhat weaker earnings. Trades at 10x earnings, cheap. Dividend yield is 3.7%. Bought back shares, approval for more, will continue until the stock moves. A great, duopoly business.

TOP PICK

Financial services category, but in reality is a "custodian" of security transactions. Very stable business with lots of opportunity. Margins and profits continue to rise. Weakness after Silicon Valley collapse has created buying opportunity. Recent inclusion in US "Fed Test" indicated large amount of excess capital. Expecting large divided payout soon.

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Mike Vinokur State Street Corp STT-N PAST TOP PICK Mar 07, 2025

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