State Street Corporation $STT Shares Sold by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI reduced its stake in State Street Corporation (NYSE:STT) by 18.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,759 shares of the asset manager’s stock after selling 5,069 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in State Street were worth $2,754,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Regents of The University of California lifted its stake in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Morgan Stanley grew its stake in shares of State Street by 9.0% in 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 in the last quarter. Victory Capital Management Inc. raised its holdings in shares of State Street by 30.8% during the 4th 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 holdings in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after buying an additional 67,309 shares during the period. Finally, First Trust Advisors LP lifted its position in State Street by 30.4% during the 4th quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after acquiring an additional 835,331 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at $39,693,789.20. The trade was a 5.39% 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. Insiders have sold 25,265 shares of company stock worth $3,935,103 in the last ninety days. 0.27% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley upped their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday. Argus lifted their price objective on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Truist Financial reissued a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. The Goldman Sachs Group upped their target price on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Finally, Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $184.72.

State Street Stock Performance

Shares of STT opened at $183.39 on Wednesday. The business’s 50 day moving average is $167.13 and its two-hundred day moving average is $144.93. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51. The firm has a market cap of $50.76 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 0.89 and a beta of 1.42. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the business posted $2.04 EPS. The business’s revenue was up 23.3% on a year-over-year basis. Analysts forecast that State Street Corporation will post 13.44 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 13th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. State Street’s payout ratio is currently 32.45%.

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.