Commerce Bank Has $4.65 Million Stock Position in State Street Corp (NYSE:STT)

Commerce Bank increased its stake in State Street Corp (NYSE:STT) by 4.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 87,271 shares of the asset manager’s stock after acquiring an additional 3,360 shares during the quarter. Commerce Bank’s holdings in State Street were worth $4,649,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Parkside Financial Bank & Trust lifted its stake in shares of State Street by 114.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 345 shares of the asset manager’s stock worth $27,000 after acquiring an additional 184 shares during the period. FinTrust Capital Advisors LLC acquired a new position in shares of State Street in the fourth quarter worth approximately $32,000. Asset Dedication LLC lifted its stake in shares of State Street by 106.8% in the fourth quarter. Asset Dedication LLC now owns 455 shares of the asset manager’s stock worth $36,000 after acquiring an additional 235 shares during the period. FSA Wealth Management LLC acquired a new position in shares of State Street in the fourth quarter worth approximately $41,000. Finally, Liberty Wealth Management LLC lifted its stake in shares of State Street by 1,180.5% in the first quarter. Liberty Wealth Management LLC now owns 525 shares of the asset manager’s stock worth $28,000 after acquiring an additional 484 shares during the period. 91.45% of the stock is currently owned by institutional investors.

In other news, CAO Ian Appleyard sold 5,000 shares of the company’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $64.61, for a total transaction of $323,050.00. Following the transaction, the chief accounting officer now owns 16,859 shares of the company’s stock, valued at approximately $1,089,259.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Andrew P. Kuritzkes sold 11,861 shares of the company’s stock in a transaction on 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 a total of 17,242 shares of company stock valued at $1,138,479 in the last 90 days. Corporate insiders own 0.28% of the company’s stock.

Shares of State Street stock opened at $55.32 on Friday. The stock has a fifty day simple moving average of $57.70 and a 200 day simple moving average of $68.76. State Street Corp has a 12-month low of $42.10 and a 12-month high of $85.89. The company has a market capitalization of $20.45 billion, a P/E ratio of 8.94, a price-to-earnings-growth ratio of 1.12 and a beta of 1.55. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.73.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.27. The firm had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.92 billion. State Street had a return on equity of 12.36% and a net margin of 19.13%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.24 EPS. On average, analysts predict that State Street Corp will post 5.7 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 16th. Shareholders of record on Wednesday, July 1st will be paid a $0.52 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.08 dividend on an annualized basis and a yield of 3.76%. State Street’s dividend payout ratio (DPR) is presently 33.71%.

A number of research firms recently commented on STT. Deutsche Bank cut their price objective on State Street from $60.00 to $57.00 and set a “hold” rating on the stock in a research note on Friday, May 15th. Wells Fargo & Co dropped their price target on State Street from $68.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 1st. JPMorgan Chase & Co. dropped their price target on State Street from $65.00 to $63.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 6th. Citigroup dropped their price target on State Street from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, March 31st. Finally, ValuEngine lowered State Street from a “hold” rating to a “sell” rating in a research note on Thursday, April 23rd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. State Street presently has a consensus rating of “Hold” and a consensus target price of $71.47.

About State Street

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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Institutional Ownership by Quarter for State Street (NYSE:STT)

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