Shares of financial services and solutions provider State Street Corp. (NYSE:STT) are tanking in the pre-market session today after the company delivered a first-quarter miss.
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Revenue remained largely flat, rising 0.6% year-over-year to $3.1 billion but lagged estimates by $30 million. EPS at $1.52 too fell short of expectations by $0.12. During the quarter, NII rose 50% on the back of higher interest rates globally. Fee revenue though dropped 9% owing to lower markets.
The company scored new servicing wins to the tune of $112 billion in Q1 and had an AUM of $3.6 trillion at the end of the quarter.
Overall, the Street has a $90.18 consensus price target on STT, pointing to a 12.7% potential upside in the stock. That’s on top of a nearly 31% rise in the share price over the past six months.
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