On Friday, State Street Corporation (NYSE:STT) reported stronger-than-expected first-quarter results.
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.”
Earnings Snapshot
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.
State Street benefited from broad-based fee growth and higher net interest income.
RBC Capital: ‘A Blockbuster Quarter’
Following this, several analysts boosted the price forecast for the company.
RBC Capital analyst Gerard Cassidy maintained State Street with a Sector Perform and raised the price