Coho Partners Ltd. reduced its holdings in State Street Co. (NYSE:STT) by 24.2% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,577,379 shares of the asset manager’s stock after selling 503,062 shares during the quarter. State Street comprises 4.1% of Coho Partners Ltd.’s holdings, making the stock its 9th biggest holding. Coho Partners Ltd.’s holdings in State Street were worth $157,312,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in STT. NuWave Investment Management LLC acquired a new position in State Street in the 4th quarter valued at about $107,000. Motco grew its stake in State Street by 246.8% in the 1st quarter. Motco now owns 1,068 shares of the asset manager’s stock valued at $107,000 after buying an additional 760 shares during the last quarter. Legacy Advisors LLC grew its stake in State Street by 835.8% in the 4th quarter. Legacy Advisors LLC now owns 1,151 shares of the asset manager’s stock valued at $112,000 after buying an additional 1,028 shares during the last quarter. Delpha Capital Management LLC acquired a new position in State Street in the 4th quarter valued at about $113,000. Finally, Focused Wealth Management Inc acquired a new position in State Street in the 4th quarter valued at about $117,000. Institutional investors own 88.79% of the company’s stock.
In other news, EVP Andrew P. Kuritzkes sold 10,248 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $108.17, for a total transaction of $1,108,526.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Elizabeth Schaefer sold 1,473 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $105.00, for a total transaction of $154,665.00. Following the sale, the chief accounting officer now directly owns 9,362 shares of the company’s stock, valued at approximately $983,010. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,860 shares of company stock valued at $1,377,980. 0.40% of the stock is currently owned by insiders.
Shares of State Street opened at $101.24 on Friday, MarketBeat.com reports. State Street Co. has a 1-year low of $100.57 and a 1-year high of $101.30. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.57. The company has a market cap of $36.98 billion, a PE ratio of 16.99, a PEG ratio of 1.30 and a beta of 1.32.
State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.58 by $0.04. State Street had a net margin of 19.07% and a return on equity of 14.23%. The company had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the prior year, the firm posted $1.21 EPS. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. research analysts forecast that State Street Co. will post 7.78 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 17th. Stockholders of record on Monday, July 2nd will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Friday, June 29th. State Street’s dividend payout ratio (DPR) is presently 28.19%.
A number of research analysts recently commented on STT shares. Zacks Investment Research upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research note on Thursday, May 3rd. Deutsche Bank upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $108.00 price target on the stock in a research note on Monday, April 23rd. Buckingham Research upped their price target on shares of State Street from $124.00 to $131.00 and gave the company a “buy” rating in a research note on Wednesday, January 24th. Keefe, Bruyette & Woods set a $120.00 price target on shares of State Street and gave the company a “buy” rating in a research note on Tuesday, January 23rd. Finally, ValuEngine upgraded shares of State Street from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $110.27.
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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; 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.
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