State Street Corporation (NYSE:STT) Shares Sold by Coho Partners Ltd.

Coho Partners Ltd. lowered its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 31.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 403,764 shares of the asset manager's stock after selling 184,910 shares during the quarter. State Street makes up approximately 2.2% of Coho Partners Ltd.'s holdings, making the stock its 27th largest position. Coho Partners Ltd. owned approximately 0.14% of State Street worth $36,149,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in STT. Norges Bank bought a new position in State Street during the 4th quarter worth $161,021,000. Price T Rowe Associates Inc. MD grew its stake in State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after buying an additional 1,622,408 shares during the last quarter. FMR LLC grew its stake in State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after buying an additional 870,849 shares during the last quarter. Azora Capital LP bought a new position in State Street during the 4th quarter worth $80,294,000. Finally, Northern Trust Corp grew its stake in State Street by 15.7% during the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after buying an additional 563,790 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

STT has been the subject of a number of recent research reports. Bank of America upped their price objective on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 2nd. Barclays reduced their price target on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods reduced their price target on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Evercore ISI reduced their price target on State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a research report on Tuesday, April 1st. Finally, Citigroup reduced their price target on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $102.54.

State Street Trading Up 0.3%

Shares of State Street stock opened at $99.62 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The firm has a market cap of $28.41 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 1.16 and a beta of 1.44. The business has a fifty day simple moving average of $93.09 and a 200-day simple moving average of $94.04. State Street Corporation has a fifty-two week low of $71.96 and a fifty-two week high of $103.00.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same quarter in the prior year, the firm posted $1.69 earnings per share. On average, equities analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.05%. State Street's dividend payout ratio (DPR) is 34.12%.

Insider Activity

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer now directly owns 7,354 shares of the company's stock, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.29% of the company's stock.

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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