Commerce Bank Purchases 5,613 Shares of State Street Co. (NYSE:STT)

Commerce Bank lifted its position in State Street Co. (NYSE:STT) by 7.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,619 shares of the asset manager’s stock after purchasing an additional 5,613 shares during the quarter. Commerce Bank’s holdings in State Street were worth $5,935,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in STT. CVA Family Office LLC bought a new stake in shares of State Street in the fourth quarter worth about $27,000. Venturi Wealth Management LLC increased its holdings in shares of State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after purchasing an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in shares of State Street in the fourth quarter worth about $35,000. Bruce G. Allen Investments LLC bought a new stake in shares of State Street in the fourth quarter worth about $51,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of State Street in the third quarter worth about $72,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 0.8 %

Shares of NYSE:STT opened at $75.39 on Friday. State Street Co. has a 1 year low of $62.78 and a 1 year high of $79.90. The business has a 50 day simple moving average of $75.28 and a two-hundred day simple moving average of $74.22. The firm has a market capitalization of $22.71 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 1.29 and a beta of 1.51. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.61.

State Street (NYSE:STT) last announced its earnings results on Friday, April 12th. The asset manager reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.21. The business had revenue of $3.14 billion during the quarter, compared to analyst estimates of $3.06 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. On average, equities analysts predict that State Street Co. will post 7.95 EPS for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Monday, July 1st will be issued a $0.69 dividend. The ex-dividend date is Monday, July 1st. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.66%. State Street’s payout ratio is 51.69%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. UBS Group boosted their price objective on State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research note on Friday, April 12th. Evercore ISI boosted their price objective on State Street from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. JPMorgan Chase & Co. boosted their price objective on State Street from $79.50 to $80.50 in a research note on Friday, April 12th. Argus boosted their price objective on State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Finally, Morgan Stanley boosted their price objective on State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $84.04.

Insider Activity at State Street

In related news, EVP Anthony Bisegna sold 4,258 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $73.64, for a total value of $313,559.12. Following the completion of the sale, the executive vice president now owns 23,328 shares in the company, valued at $1,717,873.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the completion of the sale, the chief financial officer now owns 149,063 shares in the company, valued at $11,015,755.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Anthony Bisegna sold 4,258 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $73.64, for a total value of $313,559.12. Following the sale, the executive vice president now owns 23,328 shares of the company’s stock, valued at approximately $1,717,873.92. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

State Street Company 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, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.