|Bid||59.88 x 1000|
|Ask||59.91 x 1400|
|Day's Range||58.79 - 60.29|
|52 Week Range||48.62 - 90.20|
|Beta (3Y Monthly)||1.56|
|PE Ratio (TTM)||10.87|
|Earnings Date||Oct 17, 2019 - Oct 21, 2019|
|Forward Dividend & Yield||1.88 (3.11%)|
|1y Target Est||63.00|
Filmmaker, actor, and entrepreneur Elizabeth Banks teamed up with State Street Global Advisors (STT) to find out why investors can often times overlook the mid-cap sector. As mid-cap companies help form the backbone of the country, Banks spoke with top advisors to learn what makes them tick. As is pointed out early on, the "middle" has been consistently beating out small-cap and large-cap stocks when it comes to returns.
If you're looking to diversify your portfolio, asset management stocks are worth a look. Here's how to pick the right asset management stock to invest in.
(Bloomberg Opinion) -- To get a sense of how the market feels about the day-to-day drama coming out of WeWork, investors have little choice but to turn to its bonds.After all, the company has no publicly traded shares — and, if the latest twist in its saga is to be believed, that might be the case for longer than anticipated. Executives of WeWork and its largest investor, SoftBank Group Corp., are discussing whether to shelve plans for an initial public offering, people with knowledge of the talks told Bloomberg News. On top of that, the office-rental company may rely on junk bonds for funding for the foreseeable future or even explore a whole-business securitization, a WeWork executive said, according to a person familiar with the matter.Not surprisingly, WeWork’s junk bonds are tumbling. They fell below 100 cents on the dollar on Tuesday for the first time since the company filed to go public last month, with both the number of trades and overall volume reaching the highest in about a month. While a dip below face value doesn’t inherently spell doom, it’s nevertheless a sign that the bad news is starting to take its toll on investors.But here’s the mystery: Who exactly are those investors?We know who holds about 25% of WeWork’s $669 million in high-yield debt due 2025 because Bloomberg aggregates data from the most recent public filings. So, for instance, Lord Abbett & Co. held about $43.8 million as of May 31, or about 6.5%. The second-largest holder is Allianz SE, which includes funds from Pacific Investment Management Co.; grouped together, it owns about $21 million, or a bit more than 3%. Three State Street Corp. exchange-traded funds hold a combined $9.6 million, or 1.44%. In the period through July 31, funds from TIAA-CREF and Ameriprise Financial Inc. pared back their exposure. Still, that’s far from a complete picture. Only knowing who owns 25% of a company’s bonds is minuscule, even for the high-yield market. WeWork makes up about 0.05% of the Bloomberg Barclays U.S. Corporate High Yield Index. Here’s a sampling of other debt with nearly identical weightings and comparable maturities, and how much of its ownership is public:Lamar Media Corp. bond maturing in 2026: 47% known Seven Generations Energy bond maturing in 2025: 72% known J2 Global bond maturing in 2025: 51% known Navient Corp. bond maturing in 2021: 57% known Antero Resources Corp. bond maturing in 2023: 67% known CVR Partners LP bond maturing in 2023: 64% knownSuffice it to say, bonds in the high-yield index with lower publicly reported ownership than WeWork are few and far between. So if active money managers, ETFs, pensions(1) and life insurers make up only a quarter of investors, who else is left? Hedge funds would be a likely place to start looking. WeWork’s bond matures in less than six years and offers a yield of more than 8%. (At the height of the rally last month, it yielded closer to 7%.) The Bloomberg Barclays high-yield index has a comparable average maturity of 5.76 years, but its yield is just 5.6%. There’s been no indication that SoftBank and its affiliates own any of the securities, but they do own about 29% of WeWork stock, which shows just how much the Japanese conglomerate has riding on the company’s success. Opportunistic investors appear to have jumped into WeWork’s bond at least twice this year. The bond soared after the company’s April 29 announcement that it filed paperwork confidentially with the Securities and Exchange Commission to hold an IPO and then again after it filed its S-1 prospectus in August. As I wrote in May, an IPO could give WeWork a cash injection that ought to cover interest for a while. It would also give bondholders a layer of protection in the capital structure because public shareholders would take the biggest hit if WeWork fizzles.These big investors, whoever they may be, can’t be feeling too comfortable right now, given the state of the IPO. As for We Co., the parent of WeWork, becoming a regular presence in the capital markets, I’ll just say this: It’s one thing to be Netflix Inc. — whose stock price has more than doubled since the start of 2017 — and tap the high-yield bond market again and again (its bonds maturing in 2026 have 73.5% public ownership). It’s quite another to be WeWork, given that its IPO range could wind up closer to $20 billion, compared with the $47 billion valuation it had earlier this year. There is no shortage of investors, analysts and commentators who see WeWork as the height of market folly. It’s a company with an unusual corporate structure and a business model that seems destined to implode when the economic cycle turns.So far, the bond market isn’t convinced that WeWork is about to crash and burn. That is, if anyone can trust trading among investors who are largely unknown.(1) The California Public Employees' Retirement System, or Calpers, held about $2.6 million of the bond as of June 30, data compiled by Bloomberg show. It's possible other pension funds don't disclose such precise figures.To contact the author of this story: Brian Chappatta at firstname.lastname@example.orgTo contact the editor responsible for this story: Daniel Niemi at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- State Street Corp. surged as much as 7.5%, the most in more than seven weeks, after saying net interest income probably won’t fall in the third quarter even as lower interest rates pressure revenue.“We expect NII to come in flattish quarter over quarter, which is a bit better than what we had anticipated,” Chief Financial Officer Eric Aboaf said Tuesday at a conference in New York. “We’re seeing some downward pressure from the decline in long-end rates. Deposits are hanging in better this quarter than had been expected.”State Street said in July that net interest income -- revenue from customers’ loan payments minus what the bank pays depositors -- could fall 1% to 3% this quarter compared with the three months through June. It declined 9% in the second quarter to $659 million.“NII resilience is an important development,” Paul Gulberg, an analyst at Bloomberg Intelligence, said in a note. He said the forecast “signals stability.”Shares of the company climbed 6.9% to $57.70 at 12:38 p.m. in New York, paring this year’s decline to 8.5%.To contact the reporter on this story: Michelle F. Davis in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Michael J. Moore at email@example.com, Steve Dickson, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The SPDR® Exchange Traded Funds listed in the table below, announced today that each Fund received a payment as an authorized claimant from a class action settlement related to General Motors Company .
About 30 per cent of the bonds issued by governments and companies worldwide are trading at negative yields — which means that $17tn of outstanding debt is being paid for by creditors. This bizarre reversal of normal practice has raised profound questions about the outlook for bonds, a core holding for institutional investors. Is there a bubble in the bond market?
O’Hanley made his first open-market purchase of the investing giant’s shares shortly after State Street stock tumbled to a six-year low.
State Street Global Advisors, the asset management business of State Street Corporation , today announced share splits on four SPDR ETFs. The splits will lower the funds’ share prices and increase the number of outstanding shares.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. News the U.S. employment picture was decent if less robust than hoped in August kept equity futures elevated as traders saw the report as cementing more stimulus.The economy added 130,000 jobs, trailing the average estimate, while the unemployment rate held at 3.7% and hourly earnings were higher than forecast. It came out four hours before Federal Reserve Chairman Jerome Powell speaks on monetary policy in Zurich. Here’s how strategists and traders reacted:Dennis DeBusschere, head of portfolio strategy, Evercore ISI.This is bullish -- keeps aggressive Fed (Powell is not rewriting his speech at 12:30 today on this number). Rates should be sideways and curve should steepen. It’s positive for equities as the report speaks to longer expansion. It’s positive for the same things that have worked (tech). Cyclicals fine on the day if risk assets move up, which they should. Given all the other consumer/employment readings have been strong, people will likely discount the headline miss -- especially given the huge jump in household employment.Candice Bangsund, portfolio manager, Fiera Capital. The headline number was a mixed bag -- something for both the hawks and the doves. What was encouraging is the jump in hourly earnings, particularly for inflation backdrop. We’re likely to see another insurance cut in September and it’s largely priced in. It may be a bit of a hawkish cut in that the Fed will signal in that it’s not the beginning of a easing cycle and going forward they’ll be in a wait and see mode. The numbers in the U.S. We’ve been seeing isn’t consistent with a) the recession and b) four rate cuts the market is pricing it.Bruce Bittles, chief investment strategist, Robert W. Baird. The print almost guarantees that the Fed is going to cut rates by 25 points. Yesterday’s ADP was higher than expected and if today’s jobs numbers were higher, there could be a lot of questions about whether the Fed was going to cut rates this month. The print doesn’t change anything, it solidifies the fact that the Fed is going to lower rates. Powell speaks later today. The Fed has pretty well signaled its stance on interest rates, Powell may confirm that today or make a little stronger statement.Tony Bedikian, head of global markets, Citizens Bank.Today’s jobs report shows the resiliency of the United States economy despite several global headwinds. The on-again, off-again U.S.-China trade talks continue to roil markets and, in some ways, are mirroring the on-again, off-again Brexit debate. Both issues are providing market participants with more theater than substance while the U.S. consumer tunes them out, keeps spending and keeps the U.S. economic fundamentals on track.JJ Kinahan, chief market strategist, TD Ameritrade. We’re light on the number. August is always a strange report anyway. The reason I say that is because you have some of the summer jobs that are sort of rolling off as kids go back to school or the resorts or whatever that may be open in the summer that aren’t the rest of the year. You also have the anomaly of the government hiring 25,000 workers for the census. You normally don’t see that.Ilya Feygin, senior strategist, WallachBeth Capital LLC.The weak payrolls and higher hourly earnings are slightly negative for equities because they force us to deal with a slightly weaker economy but do not change the central bank rate path at all in our view. We would expect an eventual downtick in S&P futures to the 2,970 area where they found support last night and then the 2,950/2,954 area.Marvin Loh, global macro strategist, State Street. It certainly shows that the jobs market ultimately is slowing but it isn’t rapidly compressing yet at this point. Past mid-cycle, more towards late-cycle but it definitely doesn’t seem that it’s a late, late cycle yet. This one’s got a little bit in it for everybody.To contact the reporters on this story: Elena Popina in New York at firstname.lastname@example.org;Vildana Hajric in New York at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Chris NagiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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(Bloomberg) -- WeWork Cos. is adding a woman to its all-male board of directors as it seeks to burnish its image before becoming a public company.The New York-based office-rental startup, which could begin a roadshow for its initial public offering as early as next week, people familiar with the matter told Bloomberg, will add Harvard Business School professor Frances Frei to its board, according to a filing made public Wednesday. The company said that within a year of its IPO, it aims to add an additional director, “with a commitment to increasing the board’s gender and ethnic diversity.”Frei previously was senior vice president at Uber Technologies Inc., where she served on the management committee that ran the company as it searched for a new chief executive officer.WeWork also disclosed in the filing that CEO Adam Neumann returned $5.9 million worth of partnership interests initially granted to him as compensation for trademarks used in the company’s rebranding.The WeWork Competitor Building a Female-Focused Coworking Space Investors like BlackRock, State Street Global and TIAA are increasingly putting pressure on companies to ensure women are present at the highest levels of corporate governance. The last all-male board in the S&P 500 added a woman in July, and investors are now pushing smaller companies to add women as well. About 8% of companies in the Russell 3000 still lack even one female director, according to Bloomberg data.In a study of 100 IPO boards from 2014 to 2017, about half went public without a single female director, according to data compiled by advocacy group 2020 Women on Boards. In public offerings since April, women have only occupied about 19% of the new spots, according to New York-based executive recruiter G. Fleck / Board Services.At least two other technology companies on the cusp of listing their shares, Peloton Interactive Inc. and Cloudfare Inc., both included women directors in their IPO filings.(Updates with pressure to add women to boards starting in the third paragraph.)To contact the reporters on this story: Patrick Clark in New York at email@example.com;Jeff Green in Southfield, Michigan at firstname.lastname@example.orgTo contact the editors responsible for this story: Rob Urban at email@example.com, Janet Paskin, Liana BakerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The HYM Investment Group and National Real Estate Advisors LLC on Thursday held a topping-off ceremony at Bulfinch Crossing’s residential tower, a 46-story apartment and condominium tower that will open next spring. A topping-off ceremony is traditionally held when vertical construction on a large project is complete. AECOM Tishman is the general contractor of the 480-foot tower, which was designed by Boston-based CBT Architects. The tower is going up at the site of the Government Center Garage and offers panoramic views of Boston Harbor and East Boston, Cambridge, the North End and Financial District, as well as Back Bay and the Charles River. The project's cost has not been released, but the office tower next door, One Congress, is expected to cost at least $1 billion to develop.
State Street Corporation , today announced that it has sponsored a record $140 billion in repo investment volumes as a result of its partnership with the Fixed Income Clearing Corporation .
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Over the past 10 years State Street Corporation (NYSE:STT) has grown its dividend payouts from $0.96 to $2.08. With a...
State Street Corporation announced today that its President & Chief Executive Officer, Ron O’Hanley, and Chief Financial Officer, Eric Aboaf, will participate in the Barclays Global Financial Services Conference in New York on Tuesday, September 10, 2019 at 11:15 AM EDT.