Coho Partners Ltd. Reduces Stock Holdings in State Street Co. (NYSE:STT)

Coho Partners Ltd. cut its holdings in shares of State Street Co. (NYSE:STT) by 47.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 588,674 shares of the asset manager’s stock after selling 523,209 shares during the quarter. State Street makes up approximately 2.7% of Coho Partners Ltd.’s portfolio, making the stock its 23rd biggest holding. Coho Partners Ltd.’s holdings in State Street were worth $57,778,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Geode Capital Management LLC boosted its position in State Street by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock valued at $632,111,000 after purchasing an additional 41,442 shares during the period. FMR LLC raised its position in shares of State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of 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 worth $514,136,000 after purchasing an additional 1,354,560 shares during the period. Metropolis Capital Ltd raised its position in shares of State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after purchasing an additional 161,466 shares during the period. Finally, Franklin Resources Inc. raised its position in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

NYSE STT opened at $99.05 on Friday. The company has a market capitalization of $29.04 billion, a price-to-earnings ratio of 12.02, a PEG ratio of 1.12 and a beta of 1.43. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The stock has a fifty day simple moving average of $98.56 and a 200 day simple moving average of $92.05. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the business posted $2.04 EPS. Sell-side analysts expect that State Street Co. will post 9.6 EPS for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.76 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 annualized dividend and a dividend yield of 3.07%. State Street’s payout ratio is currently 36.89%.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of recent research reports. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research report on Saturday, January 25th. Wells Fargo & Company upped their price target on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a report on Friday, December 20th. Finally, Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, State Street presently has an average rating of “Hold” and an average target price of $100.73.

Insider Transactions at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is currently owned by company insiders.

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.