Commerce Bank Invests $10.60 Million in State Street Corporation $STT

Commerce Bank bought a new stake in State Street Corporation (NYSE:STT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 62,470 shares of the asset manager’s stock, valued at approximately $10,595,000.

Several other hedge funds have also added to or reduced their stakes in the company. IFM Investors Pty Ltd grew its stake in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after acquiring an additional 7,469 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in State Street in the 4th quarter worth about $1,959,000. New York State Teachers Retirement System raised its stake in State Street by 9.7% in the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after purchasing an additional 26,862 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new stake in State Street in the 4th quarter valued at about $935,000. Finally, Illinois Municipal Retirement Fund boosted its holdings in State Street by 18.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after purchasing an additional 13,245 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the topic of several recent research reports. JPMorgan Chase & Co. raised their target price on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Truist Financial reiterated a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Bank of America raised their price objective on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. The Goldman Sachs Group lifted their price objective on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Finally, UBS Group set a $176.00 target price on State Street in a research report on Friday, June 26th. 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insider Activity

In other news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction on 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 completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. Corporate insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $187.22 on Monday. The firm has a 50 day moving average of $180.11 and a 200-day moving average of $153.94. The stock has a market capitalization of $51.43 billion, a PE ratio of 16.51, a PEG ratio of 0.77 and a beta of 1.41. 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 Corporation has a 12 month low of $104.64 and a 12 month high of $195.18.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the firm posted $2.04 earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, equities research analysts predict that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase 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 (DPR) is currently 29.63%.

About State Street

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.