State Street Target of Unusually Large Options Trading (NYSE:STT)

State Street Corporation (NYSE:STT) was the recipient of unusually large options trading on Wednesday. Stock traders bought 32,672 call options on the stock. This is an increase of 951% compared to the average volume of 3,109 call options.

State Street Stock Performance

STT stock opened at $129.08 on Friday. The stock’s 50 day simple moving average is $121.80 and its 200 day simple moving average is $114.77. State Street has a 12-month low of $72.81 and a 12-month high of $133.00. The firm has a market cap of $36.05 billion, a P/E ratio of 13.66, a P/E/G ratio of 1.19 and a beta of 1.43. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the previous year, the firm earned $2.26 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts predict that State Street will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Shareholders of record on Friday, January 2nd will be issued a $0.84 dividend. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. State Street’s dividend payout ratio (DPR) is currently 35.56%.

Analyst Ratings Changes

A number of equities analysts have commented on STT shares. Cowen reiterated a “buy” rating on shares of State Street in a report on Tuesday, October 21st. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Evercore ISI lifted their price objective on State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. BMO Capital Markets initiated coverage on State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price on the stock. Finally, Truist Financial decreased their price target on shares of State Street from $133.00 to $131.00 and set a “buy” rating for the company in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $130.27.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Institutional Trading of State Street

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Davis Selected Advisers lifted its position in State Street by 43.6% in the third quarter. Davis Selected Advisers now owns 103,785 shares of the asset manager’s stock worth $12,040,000 after purchasing an additional 31,534 shares during the period. AIA Group Ltd raised its stake in shares of State Street by 52.4% in the 3rd quarter. AIA Group Ltd now owns 26,450 shares of the asset manager’s stock worth $3,068,000 after buying an additional 9,089 shares in the last quarter. Saranac Partners Ltd acquired a new stake in shares of State Street in the third quarter valued at $146,000. IFP Advisors Inc boosted its stake in State Street by 130.0% during the third quarter. IFP Advisors Inc now owns 605 shares of the asset manager’s stock valued at $70,000 after buying an additional 342 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in State Street by 5.7% during the third quarter. CIBC Private Wealth Group LLC now owns 11,418 shares of the asset manager’s stock worth $1,325,000 after acquiring an additional 618 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

About State Street

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.