Commerce Bank increased its position in State Street Corp (NYSE:STT) by 4.0% in the first quarter, HoldingsChannel reports. The firm owned 87,271 shares of the asset manager’s stock after purchasing an additional 3,360 shares during the quarter. Commerce Bank’s holdings in State Street were worth $4,649,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust lifted its stake in shares of State Street by 114.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 345 shares of the asset manager’s stock valued at $27,000 after purchasing an additional 184 shares during the period. FinTrust Capital Advisors LLC purchased a new position in State Street during the fourth quarter valued at $32,000. Asset Dedication LLC raised its stake in State Street by 106.8% during the fourth quarter. Asset Dedication LLC now owns 455 shares of the asset manager’s stock valued at $36,000 after buying an additional 235 shares during the last quarter. FSA Wealth Management LLC purchased a new position in State Street during the fourth quarter valued at $41,000. Finally, Liberty Wealth Management LLC raised its stake in State Street by 1,180.5% during the first quarter. Liberty Wealth Management LLC now owns 525 shares of the asset manager’s stock valued at $28,000 after buying an additional 484 shares during the last quarter. Institutional investors own 91.45% of the company’s stock.
In other State Street news, CAO Ian Appleyard sold 5,000 shares of the business’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $64.61, for a total transaction of $323,050.00. Following the completion of the sale, the chief accounting officer now owns 16,859 shares of the company’s stock, valued at $1,089,259.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Andrew P. Kuritzkes sold 11,861 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $66.94, for a total value of $793,975.34. The disclosure for this sale can be found here. Insiders sold 17,242 shares of company stock valued at $1,138,479 in the last ninety days. 0.28% of the stock is currently owned by corporate insiders.
Shares of STT opened at $55.32 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corp has a one year low of $42.10 and a one year high of $85.89. The firm has a market capitalization of $20.45 billion, a P/E ratio of 8.94, a PEG ratio of 1.12 and a beta of 1.55. The business has a fifty day moving average of $57.70 and a 200 day moving average of $68.76.
State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $1.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.27. State Street had a return on equity of 12.36% and a net margin of 19.13%. The company had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.92 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. State Street’s revenue was up 4.5% compared to the same quarter last year. Analysts expect that State Street Corp will post 5.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 16th. Investors of record on Wednesday, July 1st will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Tuesday, June 30th. State Street’s payout ratio is currently 33.71%.
A number of research analysts have issued reports on STT shares. ValuEngine cut State Street from a “hold” rating to a “sell” rating in a research note on Thursday, April 23rd. Wells Fargo & Co lowered their price objective on State Street from $68.00 to $61.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. Royal Bank of Canada reiterated a “hold” rating and set a $70.00 price objective on shares of State Street in a research note on Sunday, April 19th. Keefe, Bruyette & Woods lowered State Street from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 1st. Finally, JPMorgan Chase & Co. reduced their target price on State Street from $65.00 to $63.00 and set a “neutral” rating for the company in a report on Wednesday, May 6th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $71.47.
State Street Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; 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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