Coho Partners Ltd. Reduces Stake in State Street Co. (STT)

Coho Partners Ltd. decreased its position in shares of State Street Co. (NYSE:STT) by 24.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,577,379 shares of the asset manager’s stock after selling 503,062 shares during the period. State Street comprises 4.1% of Coho Partners Ltd.’s portfolio, making the stock its 9th biggest position. Coho Partners Ltd. owned about 0.43% of State Street worth $157,312,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. HBK Sorce Advisory LLC acquired a new stake in shares of State Street in the fourth quarter valued at approximately $653,000. First Trust Advisors LP increased its holdings in shares of State Street by 7.9% in the fourth quarter. First Trust Advisors LP now owns 254,980 shares of the asset manager’s stock valued at $24,889,000 after purchasing an additional 18,704 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of State Street by 44.5% in the fourth quarter. Deutsche Bank AG now owns 1,075,508 shares of the asset manager’s stock valued at $104,975,000 after purchasing an additional 331,230 shares in the last quarter. Baird Financial Group Inc. increased its holdings in shares of State Street by 10.9% in the fourth quarter. Baird Financial Group Inc. now owns 10,348 shares of the asset manager’s stock valued at $1,010,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Unio Capital LLC acquired a new stake in shares of State Street in the fourth quarter valued at approximately $532,000. 88.79% of the stock is owned by institutional investors.

A number of analysts have commented on STT shares. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a report on Thursday, May 3rd. Deutsche Bank raised shares of State Street from a “hold” rating to a “buy” rating and set a $108.00 target price for the company in a report on Monday, April 23rd. Sandler O’Neill reaffirmed a “hold” rating and set a $104.00 target price on shares of State Street in a report on Monday, April 9th. Keefe, Bruyette & Woods set a $115.00 target price on shares of State Street and gave the stock a “buy” rating in a report on Wednesday, April 4th. Finally, ValuEngine lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Monday, April 2nd. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $110.27.

In related news, EVP Andrew P. Kuritzkes sold 10,248 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $108.17, for a total value of $1,108,526.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Elizabeth Schaefer sold 1,473 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $105.00, for a total transaction of $154,665.00. Following the completion of the sale, the chief accounting officer now directly owns 9,362 shares in the company, valued at $983,010. The disclosure for this sale can be found here. Over the last three months, insiders have sold 12,860 shares of company stock worth $1,377,980. Insiders own 0.40% of the company’s stock.

Shares of NYSE STT opened at $101.24 on Friday. The firm 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 Co. has a twelve month low of $100.57 and a twelve month high of $101.30. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.57.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 20th. The asset manager reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.04. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3 billion. State Street had a net margin of 19.07% and a return on equity of 14.23%. The business’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period last year, the firm posted $1.21 earnings per share. equities analysts anticipate that State Street Co. will post 7.78 earnings per share for the current fiscal 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 given a dividend of $0.42 per share. The ex-dividend date is Friday, June 29th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.66%. State Street’s dividend payout ratio is 28.19%.

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.

Institutional Ownership by Quarter for State Street (NYSE:STT)

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