Traders Buy Large Volume of Call Options on State Street (STT)

State Street Corp (NYSE:STT) was the target of unusually large options trading activity on Thursday. Stock investors purchased 6,296 call options on the company. This represents an increase of approximately 1,130% compared to the typical volume of 512 call options.

In other State Street news, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,724 shares of company stock valued at $2,659,741. Insiders own 0.71% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. AXA lifted its holdings in State Street by 39.4% in the third quarter. AXA now owns 137,981 shares of the asset manager’s stock worth $13,183,000 after purchasing an additional 39,000 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in State Street by 14.6% in the third quarter. Public Employees Retirement System of Ohio now owns 315,350 shares of the asset manager’s stock worth $30,129,000 after purchasing an additional 40,261 shares during the period. Davis Selected Advisers lifted its holdings in State Street by 0.9% in the third quarter. Davis Selected Advisers now owns 497,827 shares of the asset manager’s stock worth $47,562,000 after purchasing an additional 4,310 shares during the period. Belpointe Asset Management LLC acquired a new stake in State Street in the third quarter worth about $451,000. Finally, Piedmont Investment Advisors LLC lifted its holdings in State Street by 1.0% in the third quarter. Piedmont Investment Advisors LLC now owns 80,776 shares of the asset manager’s stock worth $7,717,000 after purchasing an additional 801 shares during the period. Institutional investors and hedge funds own 88.12% of the company’s stock.

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $114.00 target price on shares of State Street in a research note on Friday, December 22nd. Zacks Investment Research lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. Morgan Stanley boosted their target price on shares of State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Finally, Royal Bank of Canada lowered their target price on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 24th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $97.87.

State Street (NYSE STT) opened at $97.61 on Tuesday. The company has a market cap of $36,197.37, a PE ratio of 16.92, a PEG ratio of 1.66 and a beta of 1.36. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street has a 12-month low of $74.45 and a 12-month high of $100.90.

State Street (NYSE:STT) last released its quarterly earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, topping the consensus estimate of $1.61 by $0.10. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.35 earnings per share. research analysts expect that State Street will post 6.25 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, December 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.72%. State Street’s dividend payout ratio is currently 29.12%.

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State Street Company Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

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