Canandaigua National Bank & Trust Co. Takes Position in State Street Corporation $STT

Canandaigua National Bank & Trust Co. bought a new stake in State Street Corporation (NYSE:STT) during the second quarter, Holdings Channel.com reports. The fund bought 3,947 shares of the asset manager’s stock, valued at approximately $669,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. Regents of The University of California grew its holdings in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares during the last quarter. Norges Bank purchased a new stake in shares of State Street in the 4th quarter valued at about $303,483,000. Pinebridge Investments LLC acquired a new stake in shares of State Street in the 4th quarter valued at about $178,705,000. Victory Capital Management Inc. boosted its position in shares of State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares during the period. Finally, Two Sigma Investments LP grew its stake in State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after buying an additional 880,507 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 1.1%

Shares of State Street stock opened at $187.29 on Thursday. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The company has a market cap of $51.45 billion, a P/E ratio of 16.52, a PEG ratio of 0.77 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a fifty day moving average of $173.68 and a two-hundred day moving average of $148.89.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the previous year, the firm earned $2.04 earnings per share. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, analysts forecast that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 32.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on STT shares. Barclays boosted their price objective on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Keefe, Bruyette & Woods increased their price target on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Seaport Research Partners reissued a “buy” rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Finally, Citigroup lifted their price objective on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 49,576 shares of company stock worth $8,415,875. Company insiders own 0.27% of the company’s stock.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.