12,614 Shares in State Street Corporation $STT Purchased by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI bought a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 12,614 shares of the asset manager’s stock, valued at approximately $2,139,000.

A number of other institutional investors have also added to or reduced their stakes in STT. Regents of The University of California lifted its position in shares of State Street by 15.6% in the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after purchasing an additional 1,358,923 shares during the period. Morgan Stanley increased its holdings in State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after buying an additional 433,201 shares during the period. Victory Capital Management Inc. increased its holdings in State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after buying an additional 1,074,174 shares during the period. Franklin Resources Inc. raised its stake in State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after buying an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in State Street by 30.4% in the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after buying an additional 835,331 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

STT has been the topic of several recent research reports. Royal Bank Of Canada increased their target price on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Truist Financial restated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Citigroup raised their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their target price on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Price Performance

NYSE STT opened at $193.48 on Tuesday. The firm’s fifty day simple moving average is $178.29 and its two-hundred day simple moving average is $152.35. The firm has a market capitalization of $53.15 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.18.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.04 EPS. Analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is currently 29.63%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is owned by insiders.

State Street Profile

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.