Commerce Bank bought a new stake in State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 62,470 shares of the asset manager's stock, valued at approximately $10,595,000.
A number of other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in State Street during the 2nd quarter worth about $4,139,389,000. Regents of The University of California grew its holdings 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 valued at $1,273,841,000 after acquiring an additional 1,358,923 shares in the last quarter. Morgan Stanley grew its holdings in shares of State Street by 9.0% in the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager's stock valued at $673,740,000 after acquiring an additional 433,201 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of State Street by 30.8% in 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 acquiring an additional 1,074,174 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager's stock valued at $506,534,000 after acquiring an additional 67,309 shares during the last quarter. Institutional investors own 87.44% of the company's stock.
Wall Street Analysts Forecast Growth
STT has been the subject of a number of analyst reports. Bank of America raised their price target on State Street from $160.00 to $190.00 and gave the company a "neutral" rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, May 28th. Truist Financial reissued a "hold" rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a report on Friday, July 17th. JPMorgan Chase & Co. raised their target price on shares of State Street from $176.50 to $187.00 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. Finally, Evercore set a $200.00 price target on shares of State Street in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $185.38.
Check Out Our Latest Stock Report on State Street
State Street Price Performance
Shares of NYSE STT opened at $187.22 on Monday. The business's 50 day moving average price is $180.11 and its two-hundred day moving average price is $153.94. The company has a market cap of $51.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18.
State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the firm posted $2.04 earnings per share. The business's revenue was up 23.3% on a year-over-year basis. On average, analysts predict that State Street Corporation will post 13.75 EPS for the current year.
State Street Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. This is a boost 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 dividend payout ratio (DPR) is currently 29.63%.
Insider Buying and Selling at State Street
In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company's stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 49,576 shares of company stock valued at $8,415,875 in the last quarter. 0.27% of the stock is currently owned by insiders.
About State Street
(
Free Report)
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.
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