Coho Partners Ltd. Decreases Position in State Street Corporation $STT

Key Points

• Coho Partners Ltd. has reduced its stake in State Street Corporation (NYSE:STT) by 14.9%, now holding 343,479 shares valued at approximately $36.5 million.
• State Street's stock has experienced a 3.3% decline, with a current trading price of $112.87 and earnings surpassing analysts' expectations by reporting $2.53 EPS for the recent quarter.
• Recent analyst ratings show a positive outlook for State Street, with upgrades leading to a target price increase from $115 to $130 by several research firms, indicating a consensus rating of "Moderate Buy."

Coho Partners Ltd. lessened its stake in State Street Corporation (NYSE:STT - Free Report) by 14.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 343,479 shares of the asset manager's stock after selling 60,285 shares during the quarter. State Street comprises about 2.7% of Coho Partners Ltd.'s holdings, making the stock its 21st largest holding. Coho Partners Ltd. owned approximately 0.12% of State Street worth $36,526,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. Harbour Investments Inc. lifted its holdings in State Street by 11.7% in the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager's stock worth $108,000 after acquiring an additional 106 shares during the last quarter. McAdam LLC lifted its holdings in shares of State Street by 1.7% in the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager's stock worth $707,000 after purchasing an additional 111 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after purchasing an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after purchasing an additional 118 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Stock Down 3.3%

STT stock opened at $112.87 on Friday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.24. The company has a market capitalization of $32.02 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.20 and a beta of 1.46. The firm's 50-day moving average is $113.60 and its two-hundred day moving average is $102.88. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter in the previous year, the company earned $2.15 earnings per share. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. On average, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on STT. Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and raised their target price for the company from $115.00 to $130.00 in a research note on Friday, September 5th. The Goldman Sachs Group lifted their price objective on shares of State Street from $109.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, October 6th. TD Cowen initiated coverage on shares of State Street in a research report on Thursday, September 25th. They issued a "buy" rating on the stock. Zacks Research raised State Street from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of State Street in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $122.83.

State Street Company 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.

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