These Analysts Raise Their Forecasts On State Street Following Upbeat Q2 Results

State Street Corp. (NYSE:STT) on Thursday reported stronger-than-expected second-quarter results on Thursday.

The company posted earnings of $3.65 per share, topping analysts’ estimates of $3.29. Revenue increased 17% year over year (Y/Y) to $4.05 billion, exceeding the Street’s expectation of $3.88 billion.

“Following the release of the Federal Reserve’s stress test results, we recently declared a 10% per share increase to our third quarter common stock dividend, reflecting the resilience of our franchise and our continued focus on returning capital to shareholders,” said CEO Ron O’Hanley.

State Street shares gained 0.9% to $187.23 in pre-market trading.

These analysts made changes to their price targets on State Street following earnings announcement.

• Barclays analyst Jason Goldberg maintained the stock with an Equal-Weight rating and raised the price target from $165 to $200.
• RBC Capital analyst Gerard Cassidy maintained the stock with a Sector Perform and raised the price target from $155 to $196.

Considering buying STT stock? Here’s what analysts think:

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