TD Cowen resumes coverage of State Street with Buy rating, $205 price target

The SEC closed its investigation into BlackRock, Vanguard, and State Street's roles in the 2021 ExxonMobil shareholder revolt, issuing a report with warnings about coordinated climate campaigns. The SEC expressed concerns about their conduct as passive investors and advised reviewing reporting obligations. The report highlights potential loss of 13G eligibility for managers involved in influence campaigns, following earlier guidance on environmental and social issues.

The US SEC cleared BlackRock, Vanguard, and State Street of charges related to climate activism at ExxonMobil's 2021 meeting. The SEC warned investors about stricter disclosure rules for coordinated shareholder campaigns, affecting compliance and reporting costs. ExxonMobil's 2021 vote saw Engine No. 1 secure board seats with support from these asset managers and Climate Action 100+.

The SEC warned asset managers that coordinating to influence companies may trigger stricter disclosure rules. This follows an investigation into BlackRock, Vanguard, and State Street's roles in the 2021 ExxonMobil board challenge. The SEC expressed concerns but took no action, advising caution to avoid activist investor regulations.

State Street Investment Management launched the State Street SPDR UC Investments 90/10 Endowment Strategy Index ETF, backed by a $2.5 billion seed investment from UC Investments. The ETF tracks an index combining 90% S&P 500 and 10% short-duration investment-grade corporate bonds, inspired by UC's Blue and Gold Endowment Pool. It aims to offer long-term, low-cost, and diversified public market exposure.

The U.S. DOJ is considering joining a state antitrust lawsuit against BlackRock (BLK) and State Street (STT), according to Bloomberg. The suit, led by Texas and 12 other states, alleges the firms used their market power to influence energy prices. Vanguard settled for $29.5 million. A federal judge allowed the case to proceed in August 2025.

The DOJ is considering joining a state-led antitrust lawsuit against BlackRock (BLK) and State Street (STT) for allegedly pressuring coal producers to reduce output. The case involves claims of misuse of power by the fund managers.