Parallax Volatility Advisers L.P. Sells 45,558 Shares of State Street Corporation $STT

Key Points

• Parallax Volatility Advisers L.P. has significantly reduced its holdings in State Street Corporation by 81.1% in the first quarter, now owning 10,646 shares valued at approximately $953,000.
• State Street's stock has received multiple upgrades from analysts, with price targets raised by firms like Morgan Stanley and Citigroup, indicating a bullish outlook with an average target of $114.18.
• The company announced an increase in its quarterly dividend from $0.76 to $0.84, reflecting a commitment to return value to shareholders with a dividend yield of 3.0%.

Parallax Volatility Advisers L.P. decreased its holdings in State Street Corporation (NYSE:STT - Free Report) by 81.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,646 shares of the asset manager's stock after selling 45,558 shares during the period. Parallax Volatility Advisers L.P.'s holdings in State Street were worth $953,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. First Pacific Financial acquired a new position in shares of State Street in the 1st quarter valued at about $25,000. Capital Analysts LLC increased its holdings in State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after buying an additional 274 shares during the last quarter. Larson Financial Group LLC increased its holdings in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares during the last quarter. Finally, Minot DeBlois Advisors LLC acquired a new position in State Street in the fourth quarter worth approximately $49,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Wells Fargo & Company increased their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Evercore ISI increased their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley increased their price target on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $114.18.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

State Street Stock Performance

Shares of State Street stock traded down $0.38 during midday trading on Friday, hitting $112.56. The company had a trading volume of 282,739 shares, compared to its average volume of 2,049,359. The business's 50 day simple moving average is $111.30 and its two-hundred day simple moving average is $98.88. The stock has a market cap of $31.93 billion, a PE ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 1.50. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. State Street's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $2.15 earnings per share. As a group, equities analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. State Street's dividend payout ratio is 34.04%.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.