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

State Street Co. (NYSE:STT) was the target of a significant decrease in short interest in the month of 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. Currently, 1.4% of the company’s shares are sold short. Based on an average daily volume of 2,110,000 shares, the short-interest ratio is presently 2.0 days.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays increased their price objective on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft increased their price objective on State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a research note on Monday, September 23rd. Royal Bank of Canada increased their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI increased their target price on State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Two equities 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $89.61.

State Street Stock Up 0.1 %

Shares of NYSE STT opened at $88.20 on Monday. The stock has a market cap of $26.57 billion, a P/E ratio of 16.52, a PEG ratio of 1.44 and a beta of 1.48. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89. State Street has a 12-month low of $62.78 and a 12-month high of $89.49. The business’s fifty day simple moving average is $83.69 and its 200-day simple moving average is $78.11.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, beating the consensus estimate of $2.03 by $0.12. The company had revenue of $3.19 billion for 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%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.17 earnings per share. As a group, equities analysts predict that State Street will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

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

Institutional Investors Weigh In On State Street

Large investors have recently modified their holdings of the company. Rathbones Group PLC lifted its holdings in shares of State Street by 5.8% during the fourth quarter. Rathbones Group PLC now owns 67,758 shares of the asset manager’s stock worth $5,249,000 after purchasing an additional 3,724 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in shares of State Street during the fourth quarter worth $3,295,000. KBC Group NV lifted its holdings in shares of State Street by 117.5% during the fourth quarter. KBC Group NV now owns 162,516 shares of the asset manager’s stock worth $12,589,000 after purchasing an additional 87,811 shares during the period. Jones Financial Companies Lllp lifted its holdings in shares of State Street by 47.4% during the fourth quarter. Jones Financial Companies Lllp now owns 11,174 shares of the asset manager’s stock worth $866,000 after purchasing an additional 3,591 shares during the period. Finally, NEOS Investment Management LLC lifted its holdings in State Street by 17.4% in the fourth quarter. NEOS Investment Management LLC now owns 4,375 shares of the asset manager’s stock valued at $339,000 after acquiring an additional 647 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

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.