Bryn Mawr Trust Advisors LLC Invests $785,000 in State Street Corporation $STT

Bryn Mawr Trust Advisors LLC acquired a new position in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 4,626 shares of the asset manager’s stock, valued at approximately $785,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. IFM Investors Pty Ltd grew its holdings in State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after purchasing an additional 7,469 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new stake in shares of State Street during the 4th quarter valued at $1,959,000. New York State Teachers Retirement System lifted its holdings in shares of State Street by 9.7% during the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after purchasing an additional 26,862 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of State Street in the 4th quarter worth $935,000. Finally, Campbell Newman Asset Management Inc. acquired a new stake in shares of State Street in the 4th quarter worth $21,515,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.1%

Shares of State Street stock opened at $191.92 on Friday. The stock has a market cap of $52.72 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 0.78 and a beta of 1.41. The firm has a fifty day moving average price of $177.65 and a 200 day moving average price of $151.71. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.04 earnings per share. Equities research analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed 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 is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. State Street’s payout ratio is presently 29.63%.

Analyst Ratings Changes

Several brokerages recently weighed in on STT. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Bank of America raised their price target on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Evercore set a $200.00 price objective on shares of State Street in a report on Monday, July 20th. Finally, Seaport Research Partners reaffirmed a “buy” rating and issued a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Transactions at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock worth $8,415,875 over the last quarter. 0.27% of the stock is currently owned by insiders.

State Street Profile

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.