Stock Traders Purchase High Volume of State Street Call Options (NYSE:STT)

State Street Co. (NYSE:STT) saw unusually large options trading activity on Tuesday. Stock traders acquired 12,218 call options on the company. This is an increase of approximately 1,030% compared to the typical daily volume of 1,081 call options.

In other news, EVP Andrew Erickson sold 11,000 shares of State Street stock in a transaction on Friday, February 26th. The shares were sold at an average price of $73.30, for a total value of $806,300.00. Following the transaction, the executive vice president now directly owns 58,997 shares of the company’s stock, valued at approximately $4,324,480.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael L. Richards sold 365 shares of the stock in a transaction on Monday, March 1st. The stock was sold at an average price of $74.61, for a total transaction of $27,232.65. Following the sale, the executive vice president now owns 24,420 shares of the company’s stock, valued at approximately $1,821,976.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,898 shares of company stock worth $873,183. 0.28% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of STT. Yacktman Asset Management LP increased its stake in State Street by 1.0% in the first quarter. Yacktman Asset Management LP now owns 3,550,416 shares of the asset manager’s stock valued at $298,270,000 after purchasing an additional 35,827 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in State Street by 143.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 358,442 shares of the asset manager’s stock valued at $30,113,000 after buying an additional 210,980 shares during the period. Laurel Wealth Advisors LLC purchased a new position in shares of State Street during the 1st quarter worth about $50,000. Private Wealth Partners LLC boosted its position in shares of State Street by 15.3% in the first quarter. Private Wealth Partners LLC now owns 35,495 shares of the asset manager’s stock worth $2,982,000 after acquiring an additional 4,705 shares during the last quarter. Finally, Robeco Schweiz AG grew its holdings in State Street by 43.2% in the first quarter. Robeco Schweiz AG now owns 60,816 shares of the asset manager’s stock valued at $5,109,000 after purchasing an additional 18,336 shares during the period. Institutional investors own 91.77% of the company’s stock.

STT has been the topic of a number of recent research reports. Morgan Stanley dropped their target price on State Street from $103.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday, April 26th. Credit Suisse Group upped their price objective on shares of State Street from $78.00 to $81.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 20th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of State Street from $97.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, April 15th. Royal Bank of Canada increased their price target on shares of State Street from $78.00 to $86.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 20th. Finally, Piper Sandler lifted their price objective on State Street from $69.00 to $81.00 and gave the company a “neutral” rating in a report on Monday, January 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $82.07.

Shares of STT stock traded up $0.17 during mid-day trading on Tuesday, reaching $84.85. The stock had a trading volume of 2,638,905 shares, compared to its average volume of 2,844,031. The company has a market cap of $29.51 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.11 and a beta of 1.60. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.60. State Street has a 12-month low of $51.21 and a 12-month high of $87.89. The business has a 50-day simple moving average of $83.61 and a 200 day simple moving average of $74.98.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, April 15th. The asset manager reported $1.47 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.12. State Street had a net margin of 20.75% and a return on equity of 12.24%. The firm had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.85 billion. During the same period in the prior year, the company earned $1.62 EPS. The firm’s revenue was down 3.8% on a year-over-year basis. Research analysts anticipate that State Street will post 6.58 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 15th. Investors of record on Tuesday, June 1st will be given a dividend of $28.125 per share. The ex-dividend date is Friday, May 28th. This represents a $112.50 dividend on an annualized basis and a yield of 132.59%. This is a positive change from State Street’s previous quarterly dividend of $0.52. State Street’s dividend payout ratio (DPR) is 33.71%.

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 accounting; daily pricing and administration; master trust and master custody; depotbank; 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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