Cannon Global Investment Management LLC Takes Position in State Street Corporation (NYSE:STT)

Cannon Global Investment Management LLC bought a new position in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,700 shares of the asset manager's stock, valued at approximately $600,000. State Street makes up about 1.1% of Cannon Global Investment Management LLC's holdings, making the stock its 19th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in shares of State Street during the fourth quarter valued at $161,021,000. Price T Rowe Associates Inc. MD increased its position in shares of State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after purchasing an additional 1,622,408 shares in the last quarter. FMR LLC lifted its holdings in State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Azora Capital LP acquired a new position in State Street in the fourth quarter valued at about $80,294,000. Finally, Northern Trust Corp boosted its position in State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after buying an additional 563,790 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were 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 owned 7,354 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday. Wall Street Zen downgraded State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Citigroup increased their target price on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday. Cfra Research lowered State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. Finally, Morgan Stanley upped their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday. One research 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 MarketBeat, the stock has an average rating of "Hold" and an average price target of $105.69.

State Street Price Performance

Shares of STT stock opened at $109.51 on Thursday. The firm's 50 day moving average price is $96.86 and its two-hundred day moving average price is $94.40. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a 52-week low of $72.65 and a 52-week high of $109.69. The stock has a market cap of $31.23 billion, a PE ratio of 12.29, a PEG ratio of 1.25 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same period last year, the company earned $1.69 EPS. As a group, analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.78%. State Street's dividend payout ratio (DPR) is presently 34.12%.

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.

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