Cardinal Capital Management Boosts Position in State Street Co. (NYSE:STT)

Cardinal Capital Management lifted its stake in shares of State Street Co. (NYSE:STT) by 1.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,442 shares of the asset manager’s stock after acquiring an additional 698 shares during the period. Cardinal Capital Management’s holdings in State Street were worth $4,874,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of State Street by 3.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock worth $44,725,000 after acquiring an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in State Street by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after buying an additional 10,404 shares during the period. Bank of Montreal Can raised its holdings in State Street by 54.6% in the 4th quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager’s stock valued at $70,757,000 after buying an additional 254,510 shares during the period. Raymond James Financial Inc. purchased a new stake in State Street in the 4th quarter valued at about $44,070,000. Finally, Deutsche Bank AG raised its holdings in State Street by 2.9% in the 4th quarter. Deutsche Bank AG now owns 1,736,708 shares of the asset manager’s stock valued at $170,458,000 after buying an additional 48,464 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of State Street stock opened at $97.37 on Tuesday. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a market cap of $27.77 billion, a PE ratio of 11.82, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The business has a 50-day simple moving average of $91.66 and a 200-day simple moving average of $93.99.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the previous year, the company posted $1.69 earnings per share. On average, equities research analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Tuesday, July 1st. State Street’s dividend payout ratio is presently 34.12%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on STT shares. Keefe, Bruyette & Woods reduced their price objective on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Wells Fargo & Company reduced their price objective on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Citigroup reduced their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Evercore ISI reduced their price objective on shares of State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a report on Tuesday, April 1st. Finally, Barclays reduced their price objective on shares of State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $102.54.

Insider Transactions at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.