State Street Co. (NYSE:STT) Short Interest Down 14.5% in September

State Street Co. (NYSE:STT) was the recipient of a large decrease in short interest in September. As of September 15th, there was short interest totalling 4,120,000 shares, a decrease of 14.5% from the August 31st total of 4,820,000 shares. Based on an average daily trading volume, of 2,110,000 shares, the short-interest ratio is presently 2.0 days. Currently, 1.4% of the company’s shares are sold short.

State Street Stock Up 0.1 %

Shares of NYSE STT opened at $88.20 on Monday. The stock has a market capitalization of $26.57 billion, a PE ratio of 16.52, a P/E/G ratio of 1.44 and a beta of 1.48. State Street has a one year low of $62.78 and a one year high of $89.49. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The business’s fifty day moving average price is $83.69 and its 200-day moving average price is $78.11.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The company had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. State Street’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business earned $2.17 earnings per share. On average, equities research analysts anticipate that State Street will post 8.15 EPS for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be given a dividend of $0.76 per share. This is a positive change from State Street’s previous quarterly dividend of $0.69. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Tuesday, October 1st. State Street’s payout ratio is 56.93%.

Analyst Ratings Changes

Several brokerages have recently weighed in on STT. Evercore ISI upped their price objective on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Bank of America raised their price objective on State Street from $85.00 to $96.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group boosted their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday. Morgan Stanley lifted their price target on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a report on Monday, September 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $89.61.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of State Street by 4.5% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 941,404 shares of the asset manager’s stock worth $72,789,000 after purchasing an additional 40,835 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in State Street by 3.3% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,891 shares of the asset manager’s stock valued at $15,376,000 after purchasing an additional 6,363 shares during the last quarter. M&G Plc bought a new stake in shares of State Street in the 1st quarter worth $7,626,000. Public Employees Retirement Association of Colorado increased its holdings in shares of State Street by 298.6% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 37,888 shares of the asset manager’s stock worth $2,935,000 after purchasing an additional 28,382 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of State Street by 127.8% during the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Company Profile

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.