Covenant Asset Management LLC Buys 564 Shares of State Street Corp (STT)
Covenant Asset Management LLC boosted its stake in State Street Corp (NYSE:STT) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,382 shares of the asset manager’s stock after purchasing an additional 564 shares during the period. Covenant Asset Management LLC’s holdings in State Street were worth $1,501,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raymond James Trust N.A. increased its holdings in State Street by 26.5% in the 3rd quarter. Raymond James Trust N.A. now owns 4,112 shares of the asset manager’s stock valued at $393,000 after purchasing an additional 862 shares in the last quarter. Boston Advisors LLC acquired a new stake in shares of State Street during the third quarter valued at about $13,279,000. Todd Asset Management LLC grew its stake in shares of State Street by 84.0% during the third quarter. Todd Asset Management LLC now owns 399,013 shares of the asset manager’s stock valued at $38,122,000 after acquiring an additional 182,164 shares in the last quarter. Dupont Capital Management Corp grew its stake in shares of State Street by 36.8% during the third quarter. Dupont Capital Management Corp now owns 76,455 shares of the asset manager’s stock valued at $7,305,000 after acquiring an additional 20,564 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of State Street by 87.7% during the second quarter. Royal Bank of Canada now owns 471,434 shares of the asset manager’s stock valued at $42,302,000 after acquiring an additional 220,315 shares in the last quarter. Hedge funds and other institutional investors own 88.13% of the company’s stock.
Shares of State Street Corp (NYSE STT) traded up $1.53 during mid-day trading on Friday, hitting $105.78. 1,637,000 shares of the stock traded hands, compared to its average volume of 1,465,350. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. State Street Corp has a twelve month low of $74.45 and a twelve month high of $105.85. The company has a market capitalization of $39,230.00, a PE ratio of 18.30, a price-to-earnings-growth ratio of 1.49 and a beta of 1.35.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Tuesday, January 2nd will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, December 29th. This represents a $1.68 annualized dividend and a dividend yield of 1.59%. State Street’s payout ratio is 29.07%.
In other news, insider Hannah M. Grove sold 3,200 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total transaction of $296,448.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Joseph L. Hooley sold 25,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $92.60, for a total transaction of $2,315,000.00. The disclosure for this sale can be found here. Insiders have sold 28,724 shares of company stock worth $2,659,741 in the last ninety days. Corporate insiders own 0.71% of the company’s stock.
STT has been the subject of several recent analyst reports. Zacks Investment Research downgraded State Street from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research note on Tuesday, December 12th. Morgan Stanley raised their target price on State Street from $90.00 to $105.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Jefferies Group restated a “hold” rating and set a $107.00 target price on shares of State Street in a research note on Tuesday. Finally, Vining Sparks restated a “buy” rating and set a $120.00 target price on shares of State Street in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $101.13.
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State Street Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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