State Street Target of Unusually High Options Trading (STT)
State Street Corp (NYSE:STT) was the recipient of some unusual options trading on Wednesday. Traders purchased 1,500 put options on the company. This is an increase of 862% compared to the average daily volume of 156 put options.
Several research analysts have recently weighed in on STT shares. Jefferies Group reaffirmed a “hold” rating and set a $100.00 price objective on shares of State Street in a research report on Friday, September 15th. Zacks Investment Research cut State Street from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Citigroup reaffirmed a “neutral” rating and set a $102.00 price objective (up from $88.00) on shares of State Street in a research report on Monday, October 9th. Royal Bank of Canada reduced their price objective on State Street from $104.00 to $95.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 24th. Finally, Morgan Stanley upped their price objective on State Street from $90.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $101.13.
In other State Street news, insider Hannah M. Grove sold 3,200 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total value of $296,448.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $92.00, for a total value of $32,568.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,724 shares of company stock valued at $2,659,741. Insiders own 0.71% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in STT. Zions Bancorporation raised its holdings in State Street by 318.0% during the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock worth $100,000 after acquiring an additional 795 shares in the last quarter. Eagle Asset Management Inc. bought a new stake in State Street during the second quarter worth about $200,000. Sabal Trust CO bought a new stake in State Street during the third quarter worth about $201,000. Trustmark National Bank Trust Department bought a new stake in State Street during the third quarter worth about $204,000. Finally, Tiemann Investment Advisors LLC bought a new stake in State Street during the third quarter worth about $204,000. Institutional investors and hedge funds own 88.13% of the company’s stock.
Shares of State Street (NYSE:STT) opened at $107.24 on Friday. State Street has a twelve month low of $74.45 and a twelve month high of $107.57. The stock has a market capitalization of $39,230.00, a PE ratio of 18.55, a P/E/G ratio of 1.49 and a beta of 1.35. 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 (NYSE:STT) last released its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.10. State Street had a return on equity of 13.03% and a net margin of 20.56%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the company posted $1.35 earnings per share. State Street’s revenue was up 7.7% on a year-over-year basis. analysts expect that State Street will post 6.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd will be issued 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 yield of 1.57%. State Street’s payout ratio is presently 29.07%.
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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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