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State Street stock fell hard on Monday morning, leaving it in the red so far this year.
Dreamstime
State Street
stock dove early Monday after the financial-services company’s first-quarter report came up short on the top and bottom lines.
State Street (ticker: STT) posted first-quarter diluted earnings of $1.52 per share, while the consensus call among analysts tracked by FacSet was for $1.64. The profit in the year-earlier quarter was $1.57 a share.
First-quarter total revenue of $3.101 billion fell short of the consensus estimate for $3.126 billion and net income slipped to $549 million from $604 million a year earlier. Net interest income rose to $766 million from $509 million in the year-earlier quarter.
“Our first-quarter results reflect the resiliency of our business model, notwithstanding continued interest rate increases and subsequent significant market movements, volatility and disruption within other parts of the banking industry,” CEO Ron O’Hanley said in the earnings release.
State Street stock was down 12% to $70.12 in Monday trading, leaving the stock with a loss of 9.7% so far in 2023..
Shares were on pace for their largest percentage decline since March 2020, when they fell 18.9%, according to Dow Jones Market Data. The stock was the worst performer in the
S&P 500
on Monday morning.
Write to Emily Dattilo at [email protected]
Source: https://www.barrons.com/articles/state-street-earnings-stock-price-9c54d0b7?siteid=yhoof2&yptr=yahoo