Bryn Mawr Trust Advisors LLC Takes Position in State Street Corporation $STT

Bryn Mawr Trust Advisors LLC purchased a new position in State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,626 shares of the asset manager’s stock, valued at approximately $785,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of STT. IFM Investors Pty Ltd grew its holdings 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 worth $10,699,000 after purchasing an additional 7,469 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in State Street in the 4th quarter worth about $1,959,000. New York State Teachers Retirement System lifted its holdings in 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 buying an additional 26,862 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new stake in State Street during the 4th quarter valued at about $935,000. Finally, Campbell Newman Asset Management Inc. bought a new stake in State Street during the 4th quarter valued at about $21,515,000. 87.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,576 shares of company stock worth $8,415,875 over the last 90 days. Company insiders own 0.27% of the company’s stock.

State Street Trading Up 1.1%

NYSE STT opened at $191.92 on Friday. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The company has a market capitalization of $52.72 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 0.78 and a beta of 1.41. The company’s 50-day simple moving average is $177.65 and its two-hundred day simple moving average is $151.71.

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

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 29.63%.

Wall Street Analyst Weigh In

STT has been the topic of a number of research analyst reports. Truist Financial restated a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Wells Fargo & Company lifted their price target on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Citigroup increased their price objective on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Finally, Barclays increased their price objective on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Two 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. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

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.