STATE STREET CORP Quarterly Report for Q1 Ended Mar 31, 2020

Summary

This 10-Q filing for State Street Corporation (STT) as of March 31, 2020, details the company's stock repurchase activity and notes the temporary suspension of its common stock repurchase program due to the COVID-19 pandemic. In the first quarter of 2020, State Street repurchased $500 million of its shares under its 2019 program. The program, authorized for up to $2.0 billion, was set to run through June 30, 2020, and was suspended effective March 16, 2020. Investors should note that the suspension of share repurchases aligns with broader industry actions taken in response to economic uncertainty caused by the pandemic. While the company completed significant repurchases in January and February, no shares were bought back in March. The filing also lists various exhibits, including financial statements and executive compensation agreements, and confirms the certifications of the CEO and CFO regarding the accuracy of the financial reporting.

Key Highlights

• 1State Street temporarily suspended its common stock repurchase program on March 16, 2020, in response to the COVID-19 pandemic.
• 2The company repurchased $500 million of its common stock in the first quarter of 2020 under its 2019 repurchase program.
• 3The 2019 program authorized up to $2.0 billion in share repurchases and was scheduled to conclude on June 30, 2020.
• 4Share repurchases of $3.17 million and $3.55 million occurred in January and February 2020, respectively, with no repurchases in March 2020.
• 5The average price paid per share for repurchases in Q1 2020 was approximately $77.35.
• 6The remaining dollar amount authorized for repurchase under the program was approximately $500 million prior to its suspension.
• 7The filing includes certifications from the CEO and CFO affirming the accuracy of financial reporting.

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