State Street Corporation $STT Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in State Street Corporation by 3.3%, selling 4,503 shares, bringing its total holdings to 131,090 shares, valued at approximately $11.7 million.
• State Street's recent earnings report showed an EPS of $2.53, surpassing estimates, with a revenue increase of 2.9% year-over-year.
• The company raised its quarterly dividend to $0.84 per share, up from $0.76, reflecting a dividend yield of 2.9%.

Comerica Bank cut its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 3.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 131,090 shares of the asset manager's stock after selling 4,503 shares during the period. Comerica Bank's holdings in State Street were worth $11,737,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of STT. Eastern Bank grew its position in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after acquiring an additional 2,947,153 shares during the period. Nuveen LLC purchased a new position in State Street in the 1st quarter valued at about $93,016,000. Azora Capital LP purchased a new position in State Street in the 4th quarter valued at about $80,294,000. Invesco Ltd. lifted its stake in State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after buying an additional 674,120 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after buying an additional 563,790 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Performance

Shares of NYSE:STT traded down $0.22 on Friday, reaching $115.02. The company's stock had a trading volume of 995,204 shares, compared to its average volume of 1,573,020. The stock's 50-day moving average is $110.06 and its two-hundred day moving average is $98.03. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market capitalization of $32.63 billion, a P/E ratio of 12.88, a PEG ratio of 1.13 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period in the prior year, the company earned $2.15 earnings per share. The business's revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is presently 34.04%.

Analyst Ratings Changes

STT has been the topic of a number of research reports. The Goldman Sachs Group raised their price target on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Morgan Stanley raised their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Wells Fargo & Company raised their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Finally, Citigroup raised their target price on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and an average target price of $112.82.

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.