Richard Bernstein Advisors LLC Has $4.33 Million Position in State Street Corp (STT)
Richard Bernstein Advisors LLC increased its stake in shares of State Street Corp (NYSE:STT) by 5.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 46,515 shares of the asset manager’s stock after purchasing an additional 2,229 shares during the quarter. Richard Bernstein Advisors LLC’s holdings in State Street were worth $4,330,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Motco lifted its stake in shares of State Street by 246.8% during the 1st quarter. Motco now owns 1,068 shares of the asset manager’s stock worth $107,000 after purchasing an additional 760 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of State Street during the 2nd quarter worth $109,000. Delta Asset Management LLC TN acquired a new position in State Street during the 2nd quarter valued at about $142,000. Adviser Investments LLC acquired a new position in State Street during the 1st quarter valued at about $145,000. Finally, Signaturefd LLC acquired a new position in State Street during the 1st quarter valued at about $160,000. Hedge funds and other institutional investors own 86.66% of the company’s stock.
Shares of NYSE:STT opened at $86.72 on Friday. State Street Corp has a 1 year low of $82.43 and a 1 year high of $114.27. The stock has a market cap of $32.19 billion, a P/E ratio of 14.55, a price-to-earnings-growth ratio of 1.05 and a beta of 1.22. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.54.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be issued a $0.47 dividend. The ex-dividend date is Friday, September 28th. This is a positive change from State Street’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.17%. State Street’s dividend payout ratio is currently 28.19%.
Several brokerages recently issued reports on STT. Deutsche Bank reduced their target price on State Street from $102.00 to $100.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. Wells Fargo & Co set a $105.00 target price on State Street and gave the company a “buy” rating in a research report on Thursday, August 16th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of State Street in a research report on Friday, August 3rd. ValuEngine lowered State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, August 3rd. Finally, Bank of America reduced their target price on State Street from $104.00 to $97.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. State Street has a consensus rating of “Hold” and a consensus price target of $105.29.
In other news, CEO Joseph L. Hooley sold 25,000 shares of the stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $83.01, for a total value of $2,075,250.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP George E. Sullivan sold 1,611 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $83.18, for a total value of $134,002.98. Following the completion of the transaction, the executive vice president now directly owns 58,847 shares in the company, valued at $4,894,893.46. The disclosure for this sale can be found here. Insiders sold 26,954 shares of company stock worth $2,237,777 over the last three months. Corporate insiders own 0.40% of the company’s stock.
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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