Commerzbank Aktiengesellschaft FI reduced its position in shares of State Street Corporation (NYSE:STT – Free Report) by 18.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,759 shares of the asset manager’s stock after selling 5,069 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in State Street were worth $2,754,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Clean Yield Group grew its holdings in shares of State Street by 8,247.4% during the fourth quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock valued at $2,477,000 after purchasing an additional 18,969 shares during the last quarter. IFM Investors Pty Ltd raised its position in shares of State Street by 9.7% during the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after purchasing an additional 7,469 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of State Street in the 4th quarter worth approximately $1,959,000. Heritage Family Offices LLP bought a new stake in shares of State Street in the 4th quarter worth approximately $1,220,000. Finally, SG Americas Securities LLC boosted its position in State Street by 938.5% during the 4th quarter. SG Americas Securities LLC now owns 265,386 shares of the asset manager’s stock valued at $34,237,000 after purchasing an additional 239,831 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.
State Street Stock Performance
Shares of STT stock opened at $183.39 on Wednesday. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51. The firm has a market capitalization of $50.76 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 0.89 and a beta of 1.42. The business has a 50 day simple moving average of $167.13 and a 200 day simple moving average of $144.93. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57.
State Street Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 32.45%.
Analysts Set New Price Targets
A number of research analysts recently commented on the company. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Truist Financial reissued a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a report on Friday, July 17th. Royal Bank Of Canada upped 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. Finally, Seaport Research Partners reaffirmed a “buy” rating and issued a $170.00 price objective on shares of State Street in a report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $184.72.
Check Out Our Latest Report on State Street
Insider Activity
In related news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. This represents a 5.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 25,265 shares of company stock valued at $3,935,103. Company insiders own 0.27% of the company’s stock.
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.
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