State Street Corporation $STT Shares Bought by Commerzbank Aktiengesellschaft FI

Key Points

• Commerzbank Aktiengesellschaft FI increased its stake in State Street Corporation by 16.1%, now owning 23,046 shares worth approximately $2.45 million.
• State Street recently reported earnings of $2.53 per share for the second quarter, surpassing analysts' expectations and showing a 2.9% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.84, an increase from the previous $0.76, reflecting a dividend yield of 2.9%.

Commerzbank Aktiengesellschaft FI grew its stake in State Street Corporation (NYSE:STT - Free Report) by 16.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,046 shares of the asset manager's stock after buying an additional 3,198 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in State Street were worth $2,451,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Invesco Ltd. lifted its holdings in shares of 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 during the period. Northern Trust Corp lifted its holdings in shares of State Street by 2.8% in the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after buying an additional 115,751 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of State Street by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock valued at $274,732,000 after buying an additional 14,011 shares during the period. Eastern Bank lifted its holdings in shares of State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after buying an additional 2,947,153 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of State Street by 1.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager's stock valued at $242,932,000 after buying an additional 49,353 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Price Performance

NYSE:STT opened at $117.24 on Friday. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $118.24. The stock has a 50 day moving average of $113.18 and a two-hundred day moving average of $102.09. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market cap of $33.26 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 1.20 and a beta of 1.46.

State Street (NYSE:STT - Get Free Report) last posted 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. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business's revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $2.15 earnings per share. On average, analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost 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 currently 37.63%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on STT shares. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Evercore ISI boosted their price objective on State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Weiss Ratings reissued a "buy (b)" rating on shares of State Street in a report on Wednesday. TD Cowen initiated coverage on State Street in a report on Thursday, September 25th. They issued a "buy" rating for the company. Finally, Bank of America lifted their price target on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $122.83.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% 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 link. 0.29% of the stock is owned by company 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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