State Street Co. (NYSE:STT) Shares Sold by Commerce Bank

Commerce Bank lowered its position in shares of State Street Co. (NYSE:STT) by 7.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,132 shares of the asset manager’s stock after selling 5,487 shares during the quarter. Commerce Bank’s holdings in State Street were worth $5,500,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. CVA Family Office LLC acquired a new position in shares of State Street in the 4th quarter worth approximately $27,000. Venturi Wealth Management LLC boosted its stake in shares of State Street by 92.5% during the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock worth $30,000 after acquiring an additional 184 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of State Street in the 4th quarter worth $35,000. Norwood Financial Corp acquired a new stake in shares of State Street during the first quarter worth $35,000. Finally, Accent Capital Management LLC purchased a new stake in shares of State Street during the fourth quarter valued at $39,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. JPMorgan Chase & Co. boosted their price target on shares of State Street from $79.50 to $80.50 in a report on Friday, April 12th. Argus raised their price objective on shares of State Street from $84.00 to $86.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. UBS Group lifted their price objective on shares of State Street from $80.00 to $82.00 and gave the stock a “neutral” rating in a research report on Friday, April 12th. Finally, Evercore ISI restated an “outperform” rating and issued a $88.00 target price on shares of State Street in a report on Wednesday, July 3rd. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $83.11.

State Street Stock Performance

Shares of STT stock opened at $75.89 on Thursday. State Street Co. has a fifty-two week low of $62.78 and a fifty-two week high of $79.90. The stock’s 50-day moving average is $74.38 and its two-hundred day moving average is $74.50. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.61 and a quick ratio of 0.61. The firm has a market cap of $22.86 billion, a P/E ratio of 14.14, a PEG ratio of 1.27 and a beta of 1.48.

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

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Monday, July 1st will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.64%. The ex-dividend date is Monday, July 1st. State Street’s payout ratio is 51.69%.

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, 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.