State Street Co. (NYSE:STT) Sees Significant Drop in Short Interest

State Street Co. (NYSE:STT - Get Free Report) was the recipient of a large decline in short interest in 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 volume of 2,070,000 shares, the short-interest ratio is currently 1.4 days. Currently, 1.0% of the shares of the stock are short sold.

Analyst Ratings Changes

Several brokerages recently issued reports on STT. Evercore ISI upped their target price on shares of State Street from $89.00 to $94.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 16th. Royal Bank of Canada increased their price objective on State Street from $85.00 to $91.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 17th. Wolfe Research restated an "underperform" rating and issued a $73.00 target price on shares of State Street in a research report on Monday, July 8th. Barclays increased their price target on shares of State Street from $103.00 to $108.00 and gave the company an "overweight" rating in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of State Street from a "hold" rating to a "buy" rating in a report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $91.39.

Insider Activity

In other State Street news, EVP John Plansky sold 13,859 shares of the firm's stock in a transaction dated 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 sale, the executive vice president now owns 55,108 shares of the company's stock, valued at $5,032,462.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.31% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. SteelPeak Wealth LLC purchased a new position in shares of State Street during the 3rd quarter worth approximately $3,474,000. Pinnacle Associates Ltd. boosted its position in shares of State Street by 13.0% during the third quarter. Pinnacle Associates Ltd. now owns 6,122 shares of the asset manager's stock valued at $542,000 after purchasing an additional 704 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in State Street by 17.0% in the third quarter. First Trust Direct Indexing L.P. now owns 10,757 shares of the asset manager's stock worth $952,000 after purchasing an additional 1,566 shares during the period. abrdn plc raised its holdings in State Street by 3.6% in the third quarter. abrdn plc now owns 581,105 shares of the asset manager's stock worth $51,166,000 after purchasing an additional 20,146 shares in the last quarter. Finally, Frank Rimerman Advisors LLC purchased a new position in State Street during the third quarter valued at $216,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Down 1.6 %

Shares of State Street stock traded down $1.49 during trading on Friday, reaching $90.38. 1,553,861 shares of the stock were exchanged, compared to its average volume of 2,230,912. State Street has a 1 year low of $62.78 and a 1 year high of $94.60. The firm has a market cap of $27.23 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.15 and a beta of 1.48. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The stock's fifty day moving average is $87.03 and its 200 day moving average is $80.06.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.14. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The business's quarterly revenue was up 21.1% compared to the same quarter last year. During the same period last year, the company earned $1.93 EPS. As a group, equities research analysts expect that State Street will post 8.38 earnings per share for the current fiscal year.

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.