Commerzbank Aktiengesellschaft FI Boosts Stock Holdings in State Street Corporation (NYSE:STT)

Commerzbank Aktiengesellschaft FI grew its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 14.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,848 shares of the asset manager's stock after acquiring an additional 2,575 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in State Street were worth $1,777,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Ascent Wealth Partners LLC lifted its stake in State Street by 85.2% during the 1st quarter. Ascent Wealth Partners LLC now owns 7,661 shares of the asset manager's stock valued at $686,000 after acquiring an additional 3,524 shares during the period. Verdence Capital Advisors LLC acquired a new stake in State Street in the first quarter worth about $245,000. Larson Financial Group LLC lifted its holdings in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares during the period. Wealthfront Advisers LLC lifted its holdings in State Street by 22.2% in the first quarter. Wealthfront Advisers LLC now owns 51,420 shares of the asset manager's stock valued at $4,604,000 after acquiring an additional 9,354 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of State Street by 10.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,299 shares of the asset manager's stock valued at $206,000 after buying an additional 210 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE:STT opened at $107.46 on Friday. The stock has a fifty day moving average of $101.02 and a 200-day moving average of $95.17. The company has a market capitalization of $30.64 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.21 and a beta of 1.45. State Street Corporation has a one year low of $72.81 and a one year high of $110.97. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (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 company 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 quarterly revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced 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 of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.13%. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 34.04%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on STT. Truist Financial dropped their target price on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a report on Wednesday. Morgan Stanley lifted their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Barclays reduced their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Bank of America lifted their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday. Finally, Citigroup boosted their price target on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $112.00.

Insider Buying and Selling at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

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.

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