Bray Capital Advisors Grows Stake in State Street Corp (STT)

Bray Capital Advisors increased its holdings in State Street Corp (NYSE:STT) by 36.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,638 shares of the asset manager’s stock after acquiring an additional 9,343 shares during the quarter. Bray Capital Advisors’ holdings in State Street were worth $2,280,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. CX Institutional increased its holdings in State Street by 421.6% in the 1st quarter. CX Institutional now owns 34,503 shares of the asset manager’s stock worth $2,271,000 after buying an additional 27,888 shares in the last quarter. Advisor Group Inc. grew its stake in shares of State Street by 11.9% during the 4th quarter. Advisor Group Inc. now owns 24,822 shares of the asset manager’s stock valued at $1,566,000 after purchasing an additional 2,640 shares during the period. Strategic Wealth Partners Ltd. grew its stake in shares of State Street by 1,038.7% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 353 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 322 shares during the period. Metropolis Capital Ltd bought a new stake in shares of State Street during the 4th quarter valued at about $46,335,000. Finally, Argent Trust Co grew its stake in shares of State Street by 38.1% during the 4th quarter. Argent Trust Co now owns 13,962 shares of the asset manager’s stock valued at $880,000 after purchasing an additional 3,854 shares during the period. 88.47% of the stock is owned by institutional investors.

A number of research analysts have recently weighed in on STT shares. Deutsche Bank cut State Street from a “buy” rating to a “hold” rating and set a $69.95 price objective on the stock. in a research report on Thursday, March 14th. Zacks Investment Research cut State Street from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. Morgan Stanley lowered their price objective on State Street from $88.00 to $84.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 24th. Keefe, Bruyette & Woods cut State Street from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $72.00 to $70.00 in a research report on Sunday, February 24th. Finally, ValuEngine cut State Street from a “sell” rating to a “strong sell” rating in a research report on Friday, March 1st. Two analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $82.72.

NYSE:STT traded up $0.33 during trading hours on Friday, reaching $58.97. The stock had a trading volume of 1,624,281 shares, compared to its average volume of 2,535,447. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.45 and a quick ratio of 0.45. State Street Corp has a 52 week low of $57.87 and a 52 week high of $101.35. The company has a market cap of $21.88 billion, a price-to-earnings ratio of 8.17, a PEG ratio of 0.87 and a beta of 1.37.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.05. The business had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.92 billion. State Street had a return on equity of 13.44% and a net margin of 18.77%. The company’s revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 EPS. As a group, analysts anticipate that State Street Corp will post 6.46 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 16th. Stockholders of record on Monday, July 1st will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Friday, June 28th. State Street’s dividend payout ratio is currently 26.04%.

In other State Street news, EVP Andrew P. Kuritzkes sold 13,339 shares of the company’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $72.10, for a total value of $961,741.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory L. Summe acquired 3,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was acquired at an average cost of $64.50 per share, for a total transaction of $193,500.00. The disclosure for this purchase can be found here. In the last three months, insiders have sold 65,972 shares of company stock worth $4,525,537. Corporate insiders own 0.40% of the company’s stock.

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State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It 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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Institutional Ownership by Quarter for State Street (NYSE:STT)

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