State Street Corporation (NYSE:STT) Short Interest Update

State Street Corporation (NYSE:STT) was the target of a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 4,295,501 shares, a drop of 22.1% from the February 26th total of 5,516,313 shares. Based on an average trading volume of 2,322,400 shares, the days-to-cover ratio is presently 1.8 days. Currently, 1.5% of the company’s stock are sold short.

State Street Stock Performance

Shares of State Street stock traded up $0.83 during midday trading on Monday, hitting $123.35. The company had a trading volume of 1,151,052 shares, compared to its average volume of 2,183,744. The company has a fifty day simple moving average of $126.92 and a 200 day simple moving average of $122.78. The stock has a market cap of $34.38 billion, a price-to-earnings ratio of 13.11, a PEG ratio of 1.07 and a beta of 1.43. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street has a 12-month low of $72.81 and a 12-month high of $137.05.

State Street (NYSE:STT) last released its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter in the previous year, the firm earned $2.60 EPS. State Street’s revenue was up 7.5% compared to the same quarter last year. As a group, analysts predict that State Street will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.7%. State Street’s payout ratio is 35.71%.

Wall Street Analysts Forecast Growth

STT has been the topic of several analyst reports. Loop Capital set a $144.00 target price on State Street in a research note on Tuesday, January 6th. Morgan Stanley lowered their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a report on Tuesday, January 20th. Truist Financial set a $136.00 price objective on shares of State Street in a research report on Tuesday, January 20th. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Finally, TD Cowen reissued a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and an average price target of $135.83.

Insider Activity at State Street

In other news, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.29% of the company’s stock.

Institutional Trading of State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC raised its stake in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after purchasing an additional 158 shares during the last quarter. Wilkerson Advisory Group LLC purchased a new stake in State Street in the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC acquired a new position in State Street in the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. purchased a new position in State Street during the 4th quarter worth approximately $30,000. Finally, Flagship Wealth Advisors LLC purchased a new position in State Street during the 3rd quarter worth approximately $35,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.