Cardinal Capital Management Acquires 612 Shares of State Street Co. (NYSE:STT)

Cardinal Capital Management lifted its stake in shares of State Street Co. (NYSE:STT) by 1.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,819 shares of the asset manager’s stock after acquiring an additional 612 shares during the quarter. Cardinal Capital Management’s holdings in State Street were worth $3,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Assetmark Inc. lifted its holdings in shares of State Street by 2.9% in the 4th quarter. Assetmark Inc. now owns 4,075 shares of the asset manager’s stock worth $316,000 after acquiring an additional 116 shares during the last quarter. McAdam LLC lifted its holdings in shares of State Street by 2.2% in the 1st quarter. McAdam LLC now owns 6,404 shares of the asset manager’s stock worth $485,000 after acquiring an additional 139 shares during the last quarter. Northwest Investment Counselors LLC lifted its holdings in shares of State Street by 0.5% in the 2nd quarter. Northwest Investment Counselors LLC now owns 29,178 shares of the asset manager’s stock worth $2,135,000 after acquiring an additional 144 shares during the last quarter. First Manhattan Co. lifted its holdings in shares of State Street by 7.5% in the 4th quarter. First Manhattan Co. now owns 2,119 shares of the asset manager’s stock worth $164,000 after acquiring an additional 148 shares during the last quarter. Finally, Apollon Wealth Management LLC lifted its stake in shares of State Street by 1.8% in the 4th quarter. Apollon Wealth Management LLC now owns 8,337 shares of the asset manager’s stock valued at $647,000 after acquiring an additional 149 shares during the last quarter. 89.62% of the stock is currently owned by institutional investors.

Insider Transactions at State Street

In other news, CFO Eric W. Aboaf sold 11,886 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $67.13, for a total value of $797,907.18. Following the completion of the sale, the chief financial officer now owns 145,974 shares in the company, valued at approximately $9,799,234.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.34% of the company’s stock.

State Street Price Performance

STT stock opened at $71.26 on Tuesday. State Street Co. has a 1 year low of $58.62 and a 1 year high of $94.74. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a 50-day moving average of $70.69 and a 200 day moving average of $72.51. The company has a market cap of $22.71 billion, a P/E ratio of 9.63, a PEG ratio of 2.34 and a beta of 1.58.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, July 14th. The asset manager reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.09. The business had revenue of $3.11 billion during the quarter, compared to analyst estimates of $3.14 billion. State Street had a return on equity of 12.20% and a net margin of 16.99%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the company earned $1.94 EPS. On average, sell-side analysts forecast that State Street Co. will post 7.27 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Monday, October 2nd will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.87%. This is a positive change from State Street’s previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Friday, September 29th. State Street’s dividend payout ratio (DPR) is presently 34.05%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on STT. StockNews.com began coverage on State Street in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Barclays lowered their target price on State Street from $100.00 to $87.00 in a research note on Sunday, July 16th. JPMorgan Chase & Co. lowered shares of State Street from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $78.50 to $71.00 in a report on Monday, July 17th. Keefe, Bruyette & Woods lowered shares of State Street from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $84.00 to $73.00 in a report on Sunday, July 16th. Finally, Morgan Stanley lowered their price target on shares of State Street from $91.00 to $81.00 and set an “equal weight” rating for the company in a report on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $75.75.

State Street Company 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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.