Deutsche Bank AG Purchases New Shares in State Street Corporation $STT

Key Points

• Deutsche Bank AG acquired 1.14 million State Street shares worth approximately $192.7 million, representing 0.41% of the company. Institutional investors collectively own 87.44% of State Street.
• State Street reported quarterly EPS of $3.65, exceeding the $3.34 consensus estimate, while revenue rose 23.3% year over year to $4.05 billion.
• The company increased its quarterly dividend to $0.92 per share, equivalent to an annualized $3.68 dividend and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $185.38.

Deutsche Bank AG purchased a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,135,946 shares of the asset manager's stock, valued at approximately $192,656,000. Deutsche Bank AG owned 0.41% of State Street at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new position in State Street in the 2nd quarter valued at about $28,000. Wilkerson Advisory Group LLC purchased a new stake in shares of State Street during the fourth quarter worth about $29,000. JPL Wealth Management LLC purchased a new stake in shares of State Street during the third quarter worth about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street in the fourth quarter worth about $30,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Performance

Shares of State Street stock opened at $192.03 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The firm's 50-day simple moving average is $178.87 and its 200-day simple moving average is $152.80. The firm has a market cap of $52.75 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned $2.04 earnings per share. Equities analysts forecast that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is a boost from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio (DPR) is 29.63%.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares of the company's stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on STT shares. The Goldman Sachs Group raised their price objective on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. Morgan Stanley upped their target price on State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Argus upped their target price on State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, May 28th. Finally, Royal Bank Of Canada raised their price target on shares of State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $185.38.

State Street Profile

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.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.