-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：STT公布了强劲的2026年第一季度业绩，调整后每股收益为2.84美元，高于市场普遍预期的2.64美元；总收入达38亿美元（同比增长16%），主要得益于广泛的费用增长。公司净资产收益率（ROE）达到11.6%，普通股股东权益回报率（ROTCE）达到17.6%，资产管理规模（AUM）达到创纪录的54.5万亿美元（同比增长17%），同时保持了86个基点的运营杠杆，有效控制了成本。我们认为STT成本控制的改善和战略合作伙伴关系是支撑其投资逻辑的关键增长驱动因素。管理层维持了2026年费用收入增长4%-6%、净利息收入（NII）个位数增长以及费用增长仅为3%-4%的预期，目标是实现100个基点的运营杠杆。我们认为，STT凭借其在资产服务和管理领域强大的市场地位，以及在未来净利息收入增长放缓的情况下有效控制成本的能力，处于有利地位。该公司通过4亿美元的股票回购和2.33亿美元的股息，向股东返还了6.33亿美元，其10.6%的CET1比率为持续增长提供了充足的资本灵活性。
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