State Street Co. (NYSE:STT – Get Rating) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 4,380,000 shares, an increase of 59.3% from the March 15th total of 2,750,000 shares. Based on an average trading volume of 2,390,000 shares, the days-to-cover ratio is currently 1.8 days.
In related news, EVP Andrew Erickson sold 16,000 shares of State Street stock in a transaction that occurred on Monday, January 24th. The stock was sold at an average price of $89.00, for a total transaction of $1,424,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.28% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Covestor Ltd purchased a new stake in shares of State Street during the 4th quarter valued at approximately $31,000. City State Bank purchased a new stake in shares of State Street during the 4th quarter valued at approximately $33,000. Confluence Wealth Services Inc. purchased a new position in shares of State Street during the 4th quarter worth $35,000. OLD Second National Bank of Aurora purchased a new position in shares of State Street during the 4th quarter worth $28,000. Finally, Citizens National Bank Trust Department purchased a new position in shares of State Street during the 4th quarter worth $37,000. Institutional investors and hedge funds own 88.89% of the company’s stock.
Shares of NYSE:STT traded down $7.04 during midday trading on Friday, hitting $75.81. The company had a trading volume of 5,810,231 shares, compared to its average volume of 2,183,869. State Street has a twelve month low of $75.65 and a twelve month high of $104.87. The stock has a market cap of $27.86 billion, a price-to-earnings ratio of 10.27, a price-to-earnings-growth ratio of 1.15 and a beta of 1.54. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.52 and a quick ratio of 0.55. The business’s 50-day simple moving average is $87.89 and its 200-day simple moving average is $92.57.
State Street (NYSE:STT – Get Rating) last issued its earnings results on Thursday, April 14th. The asset manager reported $1.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.47 by $0.12. The business had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.03 billion. State Street had a return on equity of 11.59% and a net margin of 22.82%. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the company earned $1.47 EPS. As a group, sell-side analysts forecast that State Street will post 8.23 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, April 11th. Shareholders of record on Friday, April 1st were issued a $0.57 dividend. The ex-dividend date of this dividend was Thursday, March 31st. This represents a $2.28 annualized dividend and a yield of 3.01%. State Street’s payout ratio is 30.89%.
STT has been the subject of several recent analyst reports. StockNews.com initiated coverage on State Street in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating and set a $99.00 target price on the stock. in a research report on Friday, January 21st. Wolfe Research lowered State Street from an “outperform” rating to a “peer perform” rating and set a $101.00 target price on the stock. in a research report on Thursday, March 31st. Morgan Stanley decreased their target price on State Street from $128.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, March 28th. Finally, Citigroup cut shares of State Street from a “buy” rating to a “neutral” rating in a research note on Monday, April 11th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and an average price target of $108.25.
State Street Company Profile (Get Rating)
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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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