Commerce Bank decreased its position in shares of State Street Co. (NYSE:STT) by 9.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,918 shares of the asset manager’s stock after selling 9,017 shares during the period. Commerce Bank’s holdings in State Street were worth $8,568,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Livingston Group Asset Management CO operating as Southport Capital Management lifted its position in State Street by 13.6% during the 4th quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 4,534 shares of the asset manager’s stock worth $443,000 after acquiring an additional 542 shares during the last quarter. Puzo Michael J lifted its position in State Street by 7.8% during the 4th quarter. Puzo Michael J now owns 7,599 shares of the asset manager’s stock worth $743,000 after acquiring an additional 550 shares during the last quarter. Covenant Asset Management LLC lifted its position in State Street by 3.8% during the 4th quarter. Covenant Asset Management LLC now owns 15,382 shares of the asset manager’s stock worth $1,501,000 after acquiring an additional 564 shares during the last quarter. FDx Advisors Inc. lifted its position in State Street by 2.9% during the 1st quarter. FDx Advisors Inc. now owns 20,444 shares of the asset manager’s stock worth $2,039,000 after acquiring an additional 582 shares during the last quarter. Finally, Ledyard National Bank lifted its position in State Street by 12.1% during the 4th quarter. Ledyard National Bank now owns 5,703 shares of the asset manager’s stock worth $557,000 after acquiring an additional 615 shares during the last quarter. 88.48% of the stock is owned by hedge funds and other institutional investors.
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NYSE STT opened at $97.75 on Monday. The stock has a market capitalization of $35,938.08, a P/E ratio of 16.40, a price-to-earnings-growth ratio of 1.26 and a beta of 1.32. State Street Co. has a twelve month low of $79.28 and a twelve month high of $114.27. The company has a current ratio of 0.56, a quick ratio of 0.49 and a debt-to-equity ratio of 0.57.
State Street (NYSE:STT) last posted its earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.58 by $0.04. The business had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3 billion. State Street had a net margin of 19.07% and a return on equity of 14.23%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 earnings per share. research analysts anticipate that State Street Co. will post 7.78 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Monday, April 2nd were paid a $0.42 dividend. The ex-dividend date was Thursday, March 29th. This represents a $1.68 dividend on an annualized basis and a yield of 1.72%. State Street’s payout ratio is currently 28.19%.
STT has been the subject of a number of research analyst reports. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Wednesday, January 10th. ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Deutsche Bank dropped their price objective on shares of State Street from $114.00 to $108.00 and set a “hold” rating on the stock in a report on Friday, April 6th. Bank of America boosted their price objective on shares of State Street from $108.00 to $118.00 and gave the stock a “neutral” rating in a report on Wednesday, January 24th. Finally, Buckingham Research boosted their price objective on shares of State Street from $124.00 to $131.00 and gave the stock a “buy” rating in a report on Wednesday, January 24th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $110.27.
In related news, EVP Andrew P. Kuritzkes sold 10,248 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $108.17, for a total value of $1,108,526.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Jeff D. Conway sold 747 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $103.07, for a total transaction of $76,993.29. The disclosure for this sale can be found here. In the last three months, insiders sold 49,531 shares of company stock worth $5,146,169. 0.40% of the stock is currently owned by 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; 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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