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State Street stock fell sharply Monday morning and has remained in the red so far this year.
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State Street stock fell early Monday after the financial services company’s first-quarter report fell short on the top and bottom lines.
State Street (ticker: STT) posted diluted earnings per share of $1.52 for the first quarter, while FacSet’s consensus analyst call was $1.64. Earnings in the year-ago quarter were $1.57 per share.
Total first-quarter revenue of $3.101 billion fell short of consensus estimate of $3.126 billion, and net income fell to $549 million from $604 million a year earlier. Net interest income increased to $766 million from $509 million in the year-ago quarter.
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“Our first quarter results reflect the resilience of our business model, despite continued rate hikes and subsequent significant market movements, volatility and disruptions in other parts of the banking industry,” CEO Ron O’Hanley said in the earnings release.
State Street stock fell 12% to $70.12 in Monday trade, giving the stock a 9.7% loss in 2023 so far.
According to Dow Jones Market Data, shares were on track for their biggest percentage decline since March 2020, when they fell 18.9%. The stock was the worst performer on the S&P 500 as of Monday morning.
Write to Emily Dattilo at [email protected]