Investors Purchase High Volume of Put Options on State Street (STT)

State Street Corp (NYSE:STT) was the target of some unusual options trading activity on Wednesday. Traders purchased 1,500 put options on the stock. This represents an increase of 862% compared to the average daily volume of 156 put options.

In related news, insider Andrew Erickson sold 354 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $92.00, for a total transaction of $32,568.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hannah M. Grove sold 3,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $92.64, for a total transaction of $296,448.00. The disclosure for this sale can be found here. Insiders sold 28,724 shares of company stock valued at $2,659,741 over the last quarter. Insiders own 0.71% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Raymond James Trust N.A. lifted its position in State Street by 26.5% in the 3rd quarter. Raymond James Trust N.A. now owns 4,112 shares of the asset manager’s stock worth $393,000 after buying an additional 862 shares in the last quarter. Boston Advisors LLC purchased a new stake in State Street in the 3rd quarter worth approximately $13,279,000. Todd Asset Management LLC lifted its position in State Street by 84.0% in the 3rd quarter. Todd Asset Management LLC now owns 399,013 shares of the asset manager’s stock worth $38,122,000 after buying an additional 182,164 shares in the last quarter. Dupont Capital Management Corp lifted its position in State Street by 36.8% in the 3rd quarter. Dupont Capital Management Corp now owns 76,455 shares of the asset manager’s stock worth $7,305,000 after buying an additional 20,564 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in State Street by 87.7% in the 2nd quarter. Royal Bank of Canada now owns 471,434 shares of the asset manager’s stock worth $42,302,000 after buying an additional 220,315 shares in the last quarter. Institutional investors own 88.13% of the company’s stock.

Shares of State Street (STT) opened at $107.24 on Friday. State Street has a 12-month low of $74.45 and a 12-month high of $107.57. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.48 and a quick ratio of 0.48. The stock has a market cap of $39,230.00, a P/E ratio of 18.55, a price-to-earnings-growth ratio of 1.49 and a beta of 1.35.

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 analysts’ consensus estimates of $1.61 by $0.10. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the firm earned $1.35 EPS. The company’s revenue was up 7.7% compared to the same quarter last year. equities analysts expect that State Street will post 6.25 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Tuesday, January 2nd will be given a $0.42 dividend. The ex-dividend date is Friday, December 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.57%. State Street’s payout ratio is 29.07%.

A number of brokerages recently weighed in on STT. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price for the company in a report on Wednesday. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating in a report on Friday. Royal Bank of Canada reduced 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 report on Tuesday, October 24th. Keefe, Bruyette & Woods restated a “buy” rating and set a $114.00 target price on shares of State Street in a report on Friday, December 22nd. Finally, Barclays raised their target price on shares of State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. State Street currently has a consensus rating of “Buy” and a consensus target price of $101.13.

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About State Street

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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