Commerzbank Aktiengesellschaft FI Makes New Investment in State Street Corporation $STT

Commerzbank Aktiengesellschaft FI acquired a new position in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 12,614 shares of the asset manager’s stock, valued at approximately $2,139,000.

A number of other large investors have also recently made changes to their positions in STT. Western Wealth Management LLC raised its stake in State Street by 3.1% in the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after acquiring an additional 60 shares during the last quarter. Chicago Partners Investment Group LLC lifted its position in State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after acquiring an additional 83 shares during the period. Arjuna Capital grew its stake in State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after purchasing an additional 95 shares during the last quarter. CX Institutional grew its stake in State Street by 1.0% during the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after purchasing an additional 98 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in shares of State Street by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on STT shares. The Goldman Sachs Group raised their price objective on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods upped their target price on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Argus increased their price target on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, Truist Financial restated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were 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 $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 available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 49,576 shares of company stock valued at $8,415,875. Corporate insiders own 0.27% of the company’s stock.

State Street Stock Up 0.9%

Shares of STT stock opened at $193.48 on Tuesday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The stock has a market cap of $53.15 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. The stock has a 50 day moving average of $178.29 and a 200 day moving average of $152.35. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.04 EPS. As a group, sell-side analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

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

State Street Company 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.