State Street Co. (NYSE:STT) Short Interest Update

State Street Co. (NYSE:STT) was the recipient of a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 2,800,000 shares, a decline of 19.3% from the September 30th total of 3,470,000 shares. Based on an average daily trading volume, of 2,070,000 shares, the short-interest ratio is presently 1.4 days. Approximately 1.0% of the company’s shares are sold short.

State Street Stock Down 1.6 %

NYSE:STT traded down $1.49 during trading hours on Friday, hitting $90.38. The company’s stock had a trading volume of 1,553,861 shares, compared to its average volume of 2,230,912. State Street has a 52-week low of $62.78 and a 52-week high of $94.60. The stock has a market capitalization of $27.23 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.15 and a beta of 1.48. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 0.91. The stock has a fifty day moving average of $87.03 and a 200-day moving average of $80.06.

State Street (NYSE:STT) last announced its earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same period in the previous year, the company posted $1.93 EPS. The company’s quarterly revenue was up 21.1% on a year-over-year basis. On average, equities analysts forecast that State Street will post 8.38 earnings per share for the current year.

Analysts Set New Price Targets

STT has been the topic of several analyst reports. Wells Fargo & Company lifted their price target on shares of State Street from $98.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their target price on shares of State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research note on Monday, September 23rd. Bank of America raised their target price on shares of State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. Wolfe Research reaffirmed an “underperform” rating and issued a $73.00 price objective on shares of State Street in a research note on Monday, July 8th. Finally, Evercore ISI lifted their price target on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, State Street has a consensus rating of “Hold” and a consensus price target of $91.39.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares in the company, valued at $5,032,462.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.31% of the company’s stock.

Hedge Funds Weigh In On State Street

A number of large investors have recently made changes to their positions in the stock. Capital International Investors boosted its position in State Street by 0.5% during the first quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock worth $512,381,000 after acquiring an additional 31,314 shares during the last quarter. LSV Asset Management grew its holdings in State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Metropolis Capital Ltd grew its stake in shares of State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock valued at $379,209,000 after acquiring an additional 161,466 shares in the last quarter. Cooke & Bieler LP increased its holdings in State Street by 3.1% during the 2nd quarter. Cooke & Bieler LP now owns 3,551,282 shares of the asset manager’s stock worth $262,795,000 after purchasing an additional 105,222 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of State Street by 9.4% in the second quarter. Dimensional Fund Advisors LP now owns 3,033,544 shares of the asset manager’s stock worth $224,466,000 after buying an additional 259,729 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.