Covington Capital Management Has $319,000 Stake in State Street Co. (NYSE:STT)

Covington Capital Management lowered its stake in State Street Co. (NYSE:STTGet Rating) by 7.2% during the second quarter, Holdings Channel.com reports. The fund owned 5,167 shares of the asset manager’s stock after selling 400 shares during the period. Covington Capital Management’s holdings in State Street were worth $319,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tcwp LLC acquired a new stake in shares of State Street in the first quarter valued at about $25,000. Covestor Ltd acquired a new stake in shares of State Street in the fourth quarter valued at about $31,000. Citizens National Bank Trust Department acquired a new stake in shares of State Street in the fourth quarter valued at about $37,000. City State Bank acquired a new stake in shares of State Street in the fourth quarter valued at about $40,000. Finally, KRS Capital Management LLC acquired a new stake in shares of State Street in the fourth quarter valued at about $46,000. Institutional investors and hedge funds own 89.17% of the company’s stock.

State Street Trading Down 1.8 %

Shares of STT stock opened at $70.10 on Monday. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.57. The stock has a market cap of $25.77 billion, a P/E ratio of 9.71, a price-to-earnings-growth ratio of 1.22 and a beta of 1.60. The stock has a 50 day simple moving average of $69.60 and a 200 day simple moving average of $72.40. State Street Co. has a 1 year low of $58.79 and a 1 year high of $104.87.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be paid a $0.63 dividend. This is a boost from State Street’s previous quarterly dividend of $0.57. This represents a $2.52 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Friday, September 30th. State Street’s payout ratio is 31.58%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on STT. UBS Group reduced their price target on State Street from $101.00 to $91.00 in a report on Monday, July 11th. Morgan Stanley reduced their price target on State Street from $106.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, July 6th. JPMorgan Chase & Co. reduced their price target on State Street from $82.00 to $74.50 in a report on Monday, July 11th. Citigroup lifted their price target on State Street to $74.00 in a report on Friday, July 22nd. Finally, Royal Bank of Canada reduced their price target on State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $84.81.

About State Street

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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 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 and enhanced custody products; 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.

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

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