Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Cuts Holdings in State Street Co. (NYSE:STT)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lowered its stake in shares of State Street Co. (NYSE:STT) by 42.5% in the second quarter, Holdings Channel reports. The institutional investor owned 28,309 shares of the asset manager’s stock after selling 20,898 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in State Street were worth $2,095,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of STT. Sequoia Financial Advisors LLC purchased a new position in State Street in the fourth quarter valued at about $365,000. NewEdge Wealth LLC bought a new position in shares of State Street during the 4th quarter worth approximately $522,000. Louisiana State Employees Retirement System purchased a new stake in State Street during the fourth quarter valued at approximately $1,449,000. Strs Ohio boosted its stake in State Street by 23.2% in the fourth quarter. Strs Ohio now owns 235,349 shares of the asset manager’s stock valued at $18,230,000 after acquiring an additional 44,366 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in State Street by 19.9% in the fourth quarter. Mackenzie Financial Corp now owns 181,856 shares of the asset manager’s stock worth $14,087,000 after purchasing an additional 30,124 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

State Street stock traded up $0.63 during mid-day trading on Friday, hitting $81.18. The company had a trading volume of 1,465,963 shares, compared to its average volume of 2,241,735. The company has a market capitalization of $24.24 billion, a price-to-earnings ratio of 15.12, a P/E/G ratio of 1.21 and a beta of 1.48. State Street Co. has a 12-month low of $62.78 and a 12-month high of $86.25. The company’s fifty day moving average is $77.41 and its 200-day moving average is $75.40. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the firm posted $2.17 earnings per share. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities research analysts predict that State Street Co. will post 8.15 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a $0.76 dividend. This is a boost from State Street’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.74%. State Street’s dividend payout ratio is presently 51.69%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Barclays raised their price objective on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Bank of America raised their price target on shares of State Street from $85.00 to $96.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada boosted their price objective on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft reduced their target price on State Street from $80.00 to $79.00 and set a “hold” rating for the company in a research note on Thursday. Finally, Keefe, Bruyette & Woods dropped their price target on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $88.89.

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.