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

Covington Capital Management decreased its position in State Street Co. (NYSE:STTGet Rating) by 7.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor 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.

Several other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of State Street in the 4th quarter worth approximately $259,564,000. Invesco Ltd. raised its holdings in shares of State Street by 36.4% in the 1st quarter. Invesco Ltd. now owns 9,955,009 shares of the asset manager’s stock worth $867,281,000 after buying an additional 2,654,101 shares in the last quarter. Eaton Vance Management raised its holdings in shares of State Street by 159.8% in the 1st quarter. Eaton Vance Management now owns 1,750,857 shares of the asset manager’s stock worth $152,535,000 after buying an additional 1,077,013 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of State Street by 438.7% in the 1st quarter. Victory Capital Management Inc. now owns 935,663 shares of the asset manager’s stock worth $74,067,000 after buying an additional 761,958 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in shares of State Street by 2.7% in the 4th quarter. BlackRock Inc. now owns 27,647,573 shares of the asset manager’s stock worth $2,571,225,000 after buying an additional 736,932 shares in the last quarter. Institutional investors and hedge funds own 89.17% of the company’s stock.

State Street Stock Down 1.8 %

Shares of STT opened at $70.10 on Monday. The firm has a market capitalization of $25.77 billion, a price-to-earnings ratio of 9.71, a PEG ratio of 1.22 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.53 and a current ratio of 0.53. The business’s fifty day moving average price is $69.60 and its two-hundred day moving average price is $72.40. State Street Co. has a 52 week low of $58.79 and a 52 week high of $104.87.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Stockholders of record on Monday, October 3rd will be given a $0.63 dividend. This is a positive change 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 dividend payout ratio (DPR) is currently 31.58%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Morgan Stanley dropped their target price on State Street from $106.00 to $86.00 and set an “overweight” rating for the company in a report on Wednesday, July 6th. Royal Bank of Canada dropped their price target on State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. Citigroup raised their price target on State Street to $74.00 in a report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft raised their price target on State Street from $67.00 to $74.00 in a report on Friday, August 12th. Finally, JPMorgan Chase & Co. dropped their price target on State Street from $82.00 to $74.50 in a report on Monday, July 11th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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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