Canandaigua National Bank & Trust Co. Invests $669,000 in State Street Corporation $STT

Canandaigua National Bank & Trust Co. purchased a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,947 shares of the asset manager’s stock, valued at approximately $669,000.

A number of other hedge funds also recently bought and sold shares of the business. Wilkerson Advisory Group LLC purchased a new position in State Street during the fourth quarter worth approximately $29,000. JPL Wealth Management LLC purchased a new stake in State Street in the 3rd quarter valued at $29,000. Phillip James Consulting Co. acquired a new stake in shares of State Street in the 4th quarter worth $30,000. Whipplewood Advisors LLC purchased a new position in shares of State Street during the 1st quarter worth $34,000. Finally, Reflection Asset Management acquired a new position in shares of State Street during the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 1.1%

Shares of STT opened at $187.29 on Thursday. The company’s 50-day simple moving average is $173.68 and its 200-day simple moving average is $148.89. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51. The stock has a market capitalization of $51.45 billion, a PE ratio of 16.52, a P/E/G ratio of 0.77 and a beta of 1.41.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 EPS. Analysts forecast that State Street Corporation will post 13.68 earnings per share for the current fiscal year.

State Street Increases Dividend

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

Analyst Ratings Changes

STT has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada upped their price objective on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Barclays raised their target price on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Seaport Research Partners restated a “buy” rating and issued a $170.00 target price on shares of State Street in a research report on Monday, April 20th. Finally, Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Activity

In related news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. Corporate insiders own 0.27% of the company’s stock.

About State Street

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.