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Investor Communications: Investor Relations:
Institutional Ownership Report
(Bank)
Institutional Ownership
Summary
At the time of the filings, the majority of (bank’s) institutional ownership
was held by firms that have an indexed or quantitative style of investing, including
six of the top 10 holders. These are firms that invest based on mathematical
models, as opposed to individual company stories, and as such are immune to communication
efforts by the company. The next highest category of ownership is growth investors.
The remaining investment is spread among several other styles.
New holders during the third quarter include two quantitative/indexed firms,
a growth and a value firm. Sellers during this period were dominated
by growth firms (75%), including some of those that invested in (bank) prior
to the split (see page 4). This is no surprise as (bank’s)’s stock price declined
17% from $29.40 to $24.30 during the quarter, after reaching historical highs
in the previous quarter. Institutions that increased their existing holdings
far outweighed those that sold shares, with quantitative/indexed firms accounting
for the majority (57%), while a minority (21%) were growth investors.
In the end, there were more liquidators than new buyers, but also more increased
positions than reduced positions. Given that the majority of holders and the
majority of new investment in the stock came from indexed/quantitative firms,
it is vital that (bank) attract more growth-based investors by focusing on
the near and long-term growth prospects of the company in its investor presentations,
accompanied by a growth-specific institutional targeting campaign.
Ownership List – 3Q 2002
|
|
Institution
Name |
Value |
Shares |
%
Held |
Qtr
End |
Qtr
Change |
Investment Style |
VANGUARD
GROUP |
$ 5,352,098.44 |
213,316 |
0.9994% |
09/30/2002 |
12,312 |
Indexed |
SSGA
FUNDS MANAGEMENT |
$ 4,138,720.95 |
164,955 |
0.7728% |
09/30/2002 |
123,955 |
Growth |
BARCLAYS
GLOBAL INVESTORS, N.A. |
$ 4,125,222.53 |
164,417 |
0.7703% |
09/30/2002 |
146,717 |
Indexed |
TIAA-CREF
INVESTMENT MANAGEMENT LLC |
$ 2,696,597.93 |
107,477 |
0.5035% |
09/30/2002 |
8,300 |
Indexed |
NORTHERN
TRUST GLOBAL INVESTMENTS |
$ 1,733,719.00 |
69,100 |
0.3237% |
09/30/2002 |
51,800 |
Growth |
MELLON
BANK ASSET MGMT. (MELLON CAPITAL MGMT.) |
$ 1,532,070.67 |
61,063 |
0.2861% |
09/30/2002 |
36,820 |
Indexed |
CALIFORNIA
STATE TEACHERS RETIREMENT SYSTEM |
$ 1,213,854.20 |
48,380 |
0.2267% |
09/30/2002 |
41,030 |
Indexed |
MORGAN
STANLEY & CO., INC. |
$ 1,116,856.26 |
44,514 |
0.2085% |
09/30/2002 |
< 528> |
|
SUNOVA
CAPITAL LP |
$ 752,700.00 |
30,000 |
0.1405% |
09/30/2002 |
< 75,000> |
Sector Specific |
THE
FLORIDA STATE BOARD OF ADMINISTRATION |
$ 695,921.33 |
27,737 |
0.1299% |
09/30/2002 |
5,300 |
Quantitative |
OHIO
PUBLIC EMPLOYEES RETIREMENT SYSTEM |
$ 686,663.12 |
27,368 |
0.1282% |
09/30/2002 |
2,388 |
Contrarian |
CREDIT
SUISSE FIRST BOSTON, INC. |
$ 496,280.20 |
19,780 |
0.0927% |
09/30/2002 |
2,780 |
Quant/Index |
SG
COWEN SECURITIES CORP. |
$ 476,710.00 |
19,000 |
0.0890% |
09/30/2002 |
8,100 |
Quant/Index |
COOPERNEFF
ADVISORS, INC. |
$ 398,429.20 |
15,880 |
0.0744% |
09/30/2002 |
15,880 |
Quantitative |
DEUTSCHE
BANK SECURITIES, INC. |
$ 235,846.00 |
9,400 |
0.0440% |
09/30/2002 |
< 4,600> |
Growth |
ALLIANCE
CAPITAL MANAGEMENT, INC. |
$ 203,229.00 |
8,100 |
0.0379% |
09/30/2002 |
5,700 |
Growth |
AIG
GLOBAL INVESTMENT GROUP |
$ 141,306.88 |
5,632 |
0.0264% |
09/30/2002 |
< 290> |
Growth |
US
BANCORP PIPER JAFFRAY ASSET MANAGEMENT, INC. |
$ 82,596.28 |
3,292 |
0.0154% |
09/30/2002 |
3,292 |
Value |
DEUTSCHE
ASSET MANAGEMENT (NY) |
$ 77,779.00 |
3,100 |
0.0145% |
09/30/2002 |
100 |
Value |
MERRILL
LYNCH, PIERCE, FENNER & SMITH, INC. |
$ 61,997.39 |
2,471 |
0.0116% |
09/30/2002 |
2,390 |
Event-Driven |
MFC
GLOBAL INVESTMENT MANAGEMENT (USA) LTD. |
$ 36,229.96 |
1,444 |
0.0068% |
09/30/2002 |
1,444 |
Quant/Index |
CIBC
WORLD MARKETS CORP. |
$ 10,562.89 |
421 |
0.0020% |
09/30/2002 |
0 |
Quant/Index |
BEAR,
STEARNS & CO., INC. |
$ 6,272.50 |
250 |
0.0012% |
09/30/2002 |
0 |
Quant/Index |
UNITED
STATES TRUST CO. OF NEW YORK |
$ 5,018.00 |
200 |
0.0009% |
09/30/2002 |
200 |
Growth |
FIDELITY
MANAGEMENT & RESEARCH CO. |
$ 3,462.42 |
138 |
0.0006% |
09/30/2002 |
0 |
Growth |
GOLDMAN
SACHS ASSET MANAGEMENT (US) |
$ 0.00 |
0 |
0.0000% |
09/30/2002 |
< 3,000> |
Growth |
LEHMAN
BROTHERS |
$ 0.00 |
0 |
0.0000% |
09/30/2002 |
< 27,100> |
Growth |
OPPENHEIMERFUNDS,
INC. |
$ 0.00 |
0 |
0.0000% |
09/30/2002 |
< 3,200> |
Growth |
SANDLER
O'NEILL ASSET MANAGEMENT LLC |
$ 0.00 |
0 |
0.0000% |
09/30/2002 |
< 12,600> |
Sector Specific |
MUNDER
CAPITAL MANAGEMENT |
$ 0.00 |
0 |
0.0000% |
09/30/2002 |
< 6,800> |
Growth |
|
Historical Holdings |
Institution Name |
09/30 |
06/30 |
03/31 |
AIG GLOBAL INVESTMENT GROUP |
5,632 |
5,922 |
|
ALLIANCE CAPITAL MANAGEMENT, INC. |
8,100 |
2,400 |
|
BARCLAYS GLOBAL INVESTORS, N.A. |
164,417 |
17,700 |
|
BEAR, STEARNS & CO.,
INC. |
250 |
250 |
|
CALIFORNIA STATE TEACHERS RETIREMENT
SYSTEM |
48,380 |
7,350 |
|
CIBC WORLD MARKETS CORP. |
421 |
421 |
|
COOPERNEFF ADVISORS, INC. |
15,880 |
|
|
CREDIT SUISSE FIRST BOSTON, INC. |
19,780 |
17,000 |
|
DEUTSCHE ASSET MANAGEMENT (NY) |
3,100 |
3,000 |
|
DEUTSCHE BANK SECURITIES, INC. |
9,400 |
14,000 |
|
FIDELITY MANAGEMENT & RESEARCH
CO. |
138 |
138 |
|
GOLDMAN SACHS ASSET MANAGEMENT (US) |
|
3,000 |
|
LEHMAN BROTHERS |
|
27,100 |
|
MELLON BANK ASSET MGMT. (MELLON CAPITAL
MGMT.) |
61,063 |
24,243 |
|
MERRILL LYNCH,
PIERCE, FENNER & SMITH,
INC. |
2,471 |
81 |
|
MFC GLOBAL INVESTMENT MANAGEMENT (USA)
LTD. |
1,444 |
|
|
MORGAN STANLEY & CO.,
INC. |
44,514 |
45,042 |
|
MUNDER CAPITAL MANAGEMENT |
|
6,800 |
|
NORTHERN TRUST GLOBAL INVESTMENTS |
69,100 |
17,300 |
|
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM |
27,368 |
24,980 |
|
OPPENHEIMERFUNDS, INC. |
|
3,200 |
|
SANDLER O'NEILL ASSET MANAGEMENT LLC |
|
12,600 |
|
SG COWEN SECURITIES CORP. |
19,000 |
10,900 |
|
SSGA FUNDS MANAGEMENT |
164,955 |
41,000 |
|
SUNOVA CAPITAL LP |
30,000 |
105,000 |
|
THE FLORIDA STATE BOARD OF ADMINISTRATION |
27,737 |
22,437 |
|
TIAA-CREF INVESTMENT MANAGEMENT LLC |
107,477 |
99,177 |
|
UNITED STATES TRUST CO. OF NEW YORK |
200 |
|
|
US BANCORP PIPER JAFFRAY ASSET MANAGEMENT,
INC. |
3,292 |
|
|
VANGUARD GROUP |
213,316 |
201,004 |
96,674 |
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