Coho Partners Ltd. Sells 523,209 Shares of State Street Co. (NYSE:STT)

Coho Partners Ltd. trimmed its holdings in shares of State Street Co. (NYSE:STT) by 47.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 588,674 shares of the asset manager’s stock after selling 523,209 shares during the period. State Street comprises 2.7% of Coho Partners Ltd.’s holdings, making the stock its 23rd largest position. Coho Partners Ltd. owned approximately 0.20% of State Street worth $57,778,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Albion Financial Group UT bought a new position in shares of State Street during the fourth quarter worth approximately $25,000. Y.D. More Investments Ltd lifted its holdings in State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares during the period. Coastline Trust Co acquired a new position in State Street in the third quarter valued at $44,000. Friedenthal Financial bought a new stake in State Street in the fourth quarter valued at $49,000. Finally, Capital Performance Advisors LLP bought a new stake in State Street in the third quarter valued at $54,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Up 0.8 %

Shares of STT opened at $99.05 on Friday. The firm’s fifty day moving average is $98.56 and its two-hundred day moving average is $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. The stock has a market cap of $29.04 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 1.12 and a beta of 1.43. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period in the prior year, the firm earned $2.04 earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Research analysts forecast that State Street Co. will post 9.6 earnings per share for the current fiscal year.

State Street Announces Dividend

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

Wall Street Analysts Forecast Growth

STT has been the subject of several recent research reports. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Truist Financial dropped their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a report on Saturday, January 25th. Finally, Barclays upped their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus price target of $100.73.

Insider Activity

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

State Street 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.