State Street Corp. (NYSE:STT) on Friday reported stronger-than-expected first-quarter results.
The company posted adjusted earnings of $2.84 per share, topping analysts' estimates of $2.63. Revenue increased 16% year over year to $3.796 billion, exceeding the Street's expectation of $3.658 billion.
CEO Ron O'Hanley said, "We delivered record quarterly fee revenue, net interest income, and total revenue, generating meaningful year-over-year positive operating leverage and pretax margin expansion, excluding notable items. In a dynamic operating environment, the momentum across Investment Services, Investment Management, and Markets underscores the strength of our franchise."
State Street shares rose 2.4% to trade at $149.04 on Monday.
These analysts made changes to their price targets on State Street following earnings announcement.
- Truist Securities analyst David Smith maintained State Street with a Hold and raised the price target from $136 to $150.
- Keefe, Bruyette & Woods analyst David Konrad maintained the stock with an Outperform rating and raised the price target from $157 to $175.
- RBC Capital analyst Gerard Cassidy maintained State Street with a Sector Perform and raised the price target from $135 to $155.
- Morgan Stanley analyst Betsy Graseck maintained the stock with an Overweight rating and boosted the price target from $155 to $166.
Considering buying STT stock? Here’s what analysts think:
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