Earnings results often indicate what direction a company will take in the months ahead. With Q3 behind us, let’s have a look at State Street (NYSE: STT) and its peers.

Custody banks safeguard financial assets and provide services like settlement, accounting, and regulatory compliance for institutional investors. Growth opportunities stem from increasing global assets under custody, demand for data analytics, and blockchain technology adoption for settlement efficiency. Challenges include fee pressure from large clients, substantial technology investment requirements, and competition from both traditional players and fintech firms entering the space.

The 16 custody bank stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 5%.

Luckily, custody bank stocks have performed well with share prices up 12.2% on average since the latest earnings results.

State Street (NYSE: STT)

Dating back to 1792 when Boston's Long Wharf was the center of global shipping and trade, State Street (NYSE: STT) provides custody, investment management, and other financial services to institutional investors like pension funds, asset managers, and central banks worldwide.

State Street reported revenues of $3.55 billion, up 8.8% year on year. This print exceeded analysts’ expectations by 2.4%. Overall, it was a strong quarter for the company with a solid beat of analysts’ AUM estimates and an impressive beat of analysts’ undefined segment estimates.

Interestingly, the stock is up 17% since reporting and currently trades at $132.18.

Is now the time to buy State Street? Access our full analysis of the earnings results here, it’s free.

Best Q3: Hamilton Lane (NASDAQ: HLNE)

With over $100 billion in assets under management and supervision, Hamilton Lane (NASDAQ: HLNE) is an investment management firm that specializes in private markets, offering advisory services and fund solutions to institutional and private wealth investors.

Hamilton Lane reported revenues of $190.9 million, up 27.3% year on year, outperforming analysts’ expectations by 12.8%. The business had an incredible quarter with a beat of analysts’ EPS and revenue estimates.

The market seems happy with the results as the stock is up 27.7% since reporting. It currently trades at $146.81.

Is now the time to buy Hamilton Lane? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: P10 (NYSE: PX)

Operating as a bridge between institutional investors and hard-to-access private market opportunities, P10 (NYSE: PX) is an alternative asset management firm that provides access to private equity, venture capital, impact investing, and private credit opportunities in the middle and lower middle markets.

P10 reported revenues of $75.93 million, up 2.3% year on year, falling short of analysts’ expectations by 4.5%. It was a slower quarter as it posted a significant miss of analysts’ EBITDA and management fees estimates.

P10 delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 1.3% since the results and currently trades at $10.45.

Read our full analysis of P10’s results here.

BNY (NYSE: BK)

Tracing its roots back to 1784 when it was founded by Alexander Hamilton, BNY (NYSE: BK) is a global financial institution that provides asset servicing, wealth management, and investment services to institutions, corporations, and high-net-worth individuals.

BNY reported revenues of $5.07 billion, up 9.1% year on year. This print topped analysts’ expectations by 2.1%. It was a strong quarter as it also recorded a beat of analysts’ EPS estimates and a decent beat of analysts’ revenue estimates.

The stock is up 10.5% since reporting and currently trades at $120.51.

Read our full, actionable report on BNY here, it’s free.

Ameriprise Financial (NYSE: AMP)

Founded in 1894 and spun off from American Express in 2005, Ameriprise Financial (NYSE: AMP) provides financial planning, wealth management, asset management, and insurance products to help individuals and institutions achieve their financial goals.

Ameriprise Financial reported revenues of $4.73 billion, up 8.9% year on year. This number beat analysts’ expectations by 3.8%. Overall, it was a strong quarter as it also produced a solid beat of analysts’ Asset Management segment estimates and an impressive beat of analysts’ revenue estimates.

The stock is up 5.3% since reporting and currently trades at $504.12.

Read our full, actionable report on Ameriprise Financial here, it’s free.

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