State Street Corporation (NYSE:STT) Short Interest Down 22.1% in March

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 daily trading volume, of 2,322,400 shares, the short-interest ratio is presently 1.8 days. Currently, 1.5% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Truist Financial set a $136.00 price target on State Street in a research note on Tuesday, January 20th. Loop Capital set a $144.00 price objective on State Street in a research note on Tuesday, January 6th. TD Cowen reiterated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Citigroup started coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 target price for the company. Finally, Morgan Stanley lowered their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were 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 in the company, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in STT. Brighton Jones LLC acquired a new stake in State Street in the fourth quarter valued at approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC grew its position in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC increased its stake in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP raised its holdings in State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after buying an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Trading Down 2.6%

NYSE STT opened at $122.33 on Friday. The stock has a market capitalization of $34.10 billion, a P/E ratio of 13.00, a P/E/G ratio of 1.07 and a beta of 1.43. The business has a 50 day simple moving average of $126.92 and a 200 day simple moving average of $122.69. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. State Street has a one year low of $72.81 and a one year high of $137.05.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.60 EPS. Research analysts expect that State Street will post 9.68 earnings per share for the current 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 is Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.7%. State Street’s dividend payout ratio is currently 35.71%.

State Street Company Profile

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.