Cantor Fitzgerald Investment Advisors L.P. Invests $6.05 Million in State Street Corporation (NYSE:STT)

Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in shares of State Street Corporation (NYSE:STT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 67,600 shares of the asset manager's stock, valued at approximately $6,052,000.

Several other large investors have also recently bought and sold shares of the business. Brighton Jones LLC purchased a new stake in shares of State Street in the fourth quarter worth approximately $296,000. Sanctuary Advisors LLC grew its holdings in shares of State Street by 6.6% during the 4th quarter. Sanctuary Advisors LLC now owns 15,666 shares of the asset manager's stock valued at $1,602,000 after acquiring an additional 966 shares in the last quarter. CIBC Asset Management Inc boosted its position in State Street by 0.9% during the fourth quarter. CIBC Asset Management Inc now owns 51,500 shares of the asset manager's stock valued at $5,055,000 after purchasing an additional 444 shares during the last quarter. Venturi Wealth Management LLC grew its stake in State Street by 60.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,114 shares of the asset manager's stock valued at $109,000 after purchasing an additional 418 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new position in State Street in the 4th quarter worth about $426,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer now owns 7,354 shares of the company's stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.29% of the company's stock.

State Street Stock Performance

NYSE STT opened at $99.21 on Friday. State Street Corporation has a 52-week low of $71.80 and a 52-week high of $103.00. The firm has a market capitalization of $28.29 billion, a price-to-earnings ratio of 11.13, a P/E/G ratio of 1.16 and a beta of 1.44. The company's fifty day moving average is $92.68 and its two-hundred day moving average is $94.05. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT - Get Free Report) 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. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same quarter last year, the company earned $1.69 EPS. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's dividend payout ratio (DPR) is presently 34.12%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on STT shares. Wells Fargo & Company reduced their price target on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Bank of America lifted their target price on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a research note on Wednesday, April 2nd. Wall Street Zen cut shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. The Goldman Sachs Group set a $98.00 price target on State Street and gave the company a "buy" rating in a report on Thursday, April 17th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $102.54.

About State Street

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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