Custody Banks State Street, BNY Mellon, Northern Trust Near Record Highs on Asset Surge

Earnings
โดย The Motley Fool·Read original
Summary · why it matters

Custody banks State Street, BNY Mellon, and Northern Trust are trading near all-time highs, significantly outperforming the broader banking sector. State Street is up 32% this year, BNY Mellon has gained 26%, and Northern Trust has rallied 29%, while the KBW Nasdaq Bank Index has risen just over 12%. The rally is driven by a flight to safety among large institutional clients during volatile markets, boosting assets under custody and fee income, along with higher net interest income from short-term investments. BNY Mellon, the largest custodian with $59 trillion in client assets, reported record first-quarter revenue of $5.4 billion, up 13% year over year, with net income spiking 36% to $1.6 billion. All three firms are set to report second-quarter earnings in the coming weeks, with BNY Mellon on July 15, State Street on July 16, and Northern Trust on July 22.

Impact on stocks 4

Digital Finance & Tokenization▲ · 2 stocks
State Street Corp
STT
▲ PositiveDemandrelevance

Stock up 32% YTD, benefiting from higher assets under custody and fee income from institutional clients.

Financials▲ · 1 stocks
Northern Trust Corporation
NTRS
▲ PositiveDemandrelevance

Rally driven by flight to safety boosting assets under custody and fee income, with stock up 29% YTD.

Artificial Intelligence▲ · 1 stocks
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