Canandaigua National Bank & Trust Co. Sells 105 Shares of State Street Co. (NYSE:STT)

Canandaigua National Bank & Trust Co. trimmed its holdings in shares of State Street Co. (NYSE:STT) by 2.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,312 shares of the asset manager’s stock after selling 105 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in State Street were worth $423,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of STT. Hotchkis & Wiley Capital Management LLC boosted its position in State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. FMR LLC lifted its stake in State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the last quarter. Wellington Management Group LLP grew its position in shares of State Street by 818.1% in the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after acquiring an additional 462,201 shares during the period. National Bank of Canada FI increased its stake in shares of State Street by 99.4% during the 3rd quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after purchasing an additional 442,725 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after purchasing an additional 408,792 shares during the period. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Evercore ISI lifted their price target on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group increased their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, December 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $99.93.

State Street Stock Up 0.7 %

NYSE STT opened at $98.38 on Tuesday. The company has a 50 day moving average of $97.10 and a 200-day moving average of $88.22. State Street Co. has a 1-year low of $70.20 and a 1-year high of $101.91. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The company has a market cap of $28.84 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.24 and a beta of 1.43.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The company’s revenue was up 21.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.93 EPS. On average, equities research analysts expect that State Street Co. will post 8.42 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a dividend of $0.76 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 3.09%. State Street’s payout ratio is 48.03%.

Insider Activity

In other news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. This represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is currently owned by corporate insiders.

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.