State Street Corp (NYSE:STT) Sees Significant Decline in Short Interest

State Street Corp (NYSE:STT) was the target of a significant drop in short interest in the month of November. As of November 29th, there was short interest totalling 5,210,000 shares, a drop of 16.5% from the November 14th total of 6,240,000 shares. Based on an average trading volume of 2,470,000 shares, the short-interest ratio is currently 2.1 days. Approximately 1.4% of the shares of the company are sold short.

A number of analysts have recently issued reports on STT shares. Bank of America increased their price objective on shares of State Street from $64.00 to $69.00 and gave the stock a “buy” rating in a research note on Monday, October 21st. Raymond James increased their price objective on shares of State Street from $69.00 to $77.00 and gave the stock a “strong-buy” rating in a research note on Monday, October 21st. They noted that the move was a valuation call. ValuEngine cut shares of State Street from a “hold” rating to a “sell” rating in a research note on Wednesday, December 4th. Wells Fargo & Co set a $55.00 price objective on shares of State Street and gave the stock a “hold” rating in a research note on Friday, August 16th. Finally, Buckingham Research reissued a “buy” rating and issued a $84.00 price objective (up from $73.00) on shares of State Street in a research note on Monday, November 18th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $72.18.

In other State Street news, EVP Joerg Ambrosius sold 2,500 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $75.08, for a total value of $187,700.00. Following the transaction, the executive vice president now directly owns 14,654 shares in the company, valued at $1,100,222.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert Willett sold 36,706 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $51.80, for a total transaction of $1,901,370.80. Insiders sold 118,984 shares of company stock worth $7,709,865 over the last quarter. Insiders own 0.40% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of STT. CWM LLC grew its stake in State Street by 693.4% during the second quarter. CWM LLC now owns 484 shares of the asset manager’s stock valued at $27,000 after acquiring an additional 423 shares in the last quarter. Massmutual Trust Co. FSB ADV purchased a new position in shares of State Street in the 2nd quarter worth $31,000. Reilly Financial Advisors LLC grew its stake in shares of State Street by 91.7% in the 3rd quarter. Reilly Financial Advisors LLC now owns 627 shares of the asset manager’s stock worth $37,000 after buying an additional 300 shares in the last quarter. Vestor Capital LLC purchased a new position in shares of State Street in the 3rd quarter worth $41,000. Finally, Rational Advisors LLC grew its stake in shares of State Street by 137.8% in the 2nd quarter. Rational Advisors LLC now owns 742 shares of the asset manager’s stock worth $42,000 after buying an additional 430 shares in the last quarter. 90.11% of the stock is owned by institutional investors.

STT traded down $1.29 during trading on Friday, hitting $79.13. 3,015,241 shares of the company traded hands, compared to its average volume of 2,494,112. The company has a market cap of $28.43 billion, a PE ratio of 10.96, a P/E/G ratio of 1.62 and a beta of 1.56. The stock’s 50-day simple moving average is $72.70 and its two-hundred day simple moving average is $60.31. State Street has a 1 year low of $48.62 and a 1 year high of $81.23. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.53.

State Street (NYSE:STT) last posted its earnings results on Friday, October 18th. The asset manager reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.11. The company had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.86 billion. State Street had a net margin of 16.18% and a return on equity of 11.34%. State Street’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the company posted $1.87 earnings per share. Equities analysts expect that State Street will post 5.81 EPS for the current year.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level 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; 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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