Bank of New York Mellon Corp Grows Stake in State Street Co. (NYSE:STT)

Bank of New York Mellon Corp increased its stake in State Street Co. (NYSE:STT – Get Rating) by 0.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,289,836 shares of the asset manager’s stock after acquiring an additional 6,573 shares during the period. Bank of New York Mellon Corp’s holdings in State Street were worth $200,057,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Ronald Blue Trust Inc. bought a new stake in State Street in the second quarter worth about $25,000. Guardian Wealth Advisors LLC bought a new stake in State Street in the third quarter worth about $27,000. Rise Advisors LLC bought a new stake in State Street in the third quarter worth about $36,000. CNB Bank bought a new stake in State Street in the second quarter worth about $37,000. Finally, Asset Dedication LLC bought a new stake in State Street in the third quarter worth about $37,000. Hedge funds and other institutional investors own 88.41% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several analyst reports. Wells Fargo & Company raised shares of State Street from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $88.00 to $98.00 in a research note on Monday, February 27th. Barclays lifted their price target on shares of State Street from $95.00 to $116.00 and gave the company an “overweight” rating in a research note on Tuesday, January 3rd. StockNews.com started coverage on shares of State Street in a research note on Thursday. They set a “hold” rating for the company. Credit Suisse Group lifted their price target on shares of State Street from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Monday, January 23rd. Finally, Citigroup lifted their price target on shares of State Street from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Thursday, December 1st. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $88.68.

State Street Stock Performance

Shares of NYSE:STT opened at $71.77 on Friday. The company has a market capitalization of $24.72 billion, a price-to-earnings ratio of 9.98, a price-to-earnings-growth ratio of 1.00 and a beta of 1.59. State Street Co. has a 52 week low of $58.62 and a 52 week high of $94.74. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average of $86.76 and a 200 day moving average of $77.48.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders of record on Monday, April 3rd will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Friday, March 31st. State Street’s dividend payout ratio is currently 35.05%.

Insiders Place Their Bets

In other State Street news, EVP David C. Phelan sold 15,000 shares of State Street stock in a transaction on Friday, February 24th. The shares were sold at an average price of $86.63, for a total value of $1,299,450.00. Following the transaction, the executive vice president now directly owns 72,491 shares of the company’s stock, valued at $6,279,895.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other State Street news, EVP John Plansky sold 11,168 shares of State Street stock in a transaction on Friday, February 17th. The shares were sold at an average price of $92.22, for a total value of $1,029,912.96. Following the transaction, the executive vice president now directly owns 42,455 shares of the company’s stock, valued at $3,915,200.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David C. Phelan sold 15,000 shares of State Street stock in a transaction on Friday, February 24th. The stock was sold at an average price of $86.63, for a total transaction of $1,299,450.00. Following the completion of the transaction, the executive vice president now directly owns 72,491 shares in the company, valued at $6,279,895.33. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,893 shares of company stock valued at $2,923,987. 0.25% of the stock is currently owned by insiders.

State Street Profile

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State Street Corp. engages in the provision of financial services to institutional investors. It operates through the Commercial and Financial, and Commercial Real Estate segments. The company was founded in 1792 and is headquartered in Boston, MA.