RBC Capital analyst Gerard Cassidy reiterated a Sector Perform rating on the shares of State Street Corp (NYSE:STT) and raised the price target from $85 to $91.
STT reported 2Q24 EPS of $2.15 versus the analyst’s $2.05 estimate.
The quarter’s strength was attributed to better-than-expected net interest income and fee revenues, partially offset by higher-than-expected noninterest expense, noted the analyst.
Net interest income (FTE) was $736 million versus the prior quarter of $717 million and the year-ago quarter of $691 million.
The company’s tangible book value (TBV) per share increased 1.6% to $45.25 from $44.56 in the prior quarter and increased 4.8% from $43.18 in ...