State Street Shares Up 4% Despite Lower Earnings

Shares of State Street Corp. (STT) are currently trading at $63.26, up $3.42 or 5.71%, with trading volume rising over 879K versus an average volume of 2.92 million shares. The stock has been trading between $58.80 and $104.87 for the past one year.

The company, on Friday, reported Q2 net income of $747 million or $1.91 per share versus $763 million or $2.07 per share last year. Excluding items, the company reported adjusted earnings of $1.94 per share for the quarter.

Total revenue for the quarter decreased 3% to $2.95 billion from $3.03 billion in the prior year period. Analysts expected revenues of $2.99 billion for the quarter.

Ron O'Hanley, Chairman and Chief Executive Officer, said, "Our capital ratios remain strong. The results of the recent supervisory stress test highlighted the strength of our balance sheet and capital position under stress. For the second year in a row, we are pleased to have announced a 10% increase to our common stock dividend and it remains our intention to reinitiate our existing common share repurchase program in the fourth quarter of 2022."

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