State Street Corporation (NYSE:STT) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its stake in State Street Corporation by 10.7%, owning approximately 1.55 million shares valued at about $138.9 million as of the first quarter.
• State Street announced a quarterly dividend of $0.84 to be paid on October 14th, an increase from its previous dividend of $0.76, representing a 3.0% yield.
• In recent earnings, State Street reported $2.53 earnings per share, beating expectations, with revenue up 2.9% compared to the same quarter last year.

Deutsche Bank AG lowered its position in State Street Corporation (NYSE:STT - Free Report) by 10.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,551,488 shares of the asset manager's stock after selling 185,220 shares during the period. Deutsche Bank AG owned about 0.54% of State Street worth $138,905,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in STT. First Pacific Financial bought a new position in shares of State Street in the 1st quarter valued at about $25,000. Larson Financial Group LLC raised its position in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC raised its position in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares in the last quarter. Golden State Wealth Management LLC raised its position in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. raised its position in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after purchasing an additional 251 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the 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 completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is currently owned by company insiders.

State Street Price Performance

NYSE:STT traded down $1.27 during trading hours on Monday, hitting $109.81. 1,685,834 shares of the stock traded hands, compared to its average volume of 2,232,014. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $114.28. The stock has a 50 day moving average price of $105.74 and a 200 day moving average price of $96.69. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $31.15 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.23 and a beta of 1.48.

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 for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 earnings per share. State Street's revenue was up 2.9% on a year-over-year basis. Sell-side analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is currently 34.04%.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research reports. Wells Fargo & Company boosted 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. Barclays dropped their target price on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. The Goldman Sachs Group upped their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Truist Financial dropped their price objective on shares of State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Finally, Morgan Stanley boosted their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $112.00.

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.