AQR Capital Management LLC Has $85.77 Million Stock Position in State Street Corporation $STT

Key Points

• AQR Capital Management LLC reduced its stake in State Street Corporation by 2.6%, selling 25,785 shares and holding approximately 0.34% of the company's stock valued at $85.77 million.
• State Street recently announced an increase in its quarterly dividend from $0.76 to $0.84, representing an annualized yield of 3.0%.
• Analyst ratings for State Street are predominantly positive, with eight analysts rating it as a Buy, three as a Hold, and one as a Sell, alongside an average target price of $114.18.

AQR Capital Management LLC lessened its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 973,713 shares of the asset manager's stock after selling 25,785 shares during the period. AQR Capital Management LLC owned about 0.34% of State Street worth $85,765,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Meeder Advisory Services Inc. raised its stake in shares of State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock valued at $515,000 after acquiring an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in State Street by 2.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares during the last quarter. Larson Financial Group LLC boosted its holdings in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the period. Smartleaf Asset Management LLC grew its stake in State Street by 5.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock valued at $201,000 after buying an additional 126 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after acquiring an additional 134 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

STT has been the topic of several research analyst reports. Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Bank of America upped their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Evercore ISI lifted their price target on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $114.18.

State Street Price Performance

Shares of STT stock traded up $2.17 during trading hours on Thursday, reaching $112.94. 2,076,668 shares of the company were exchanged, compared to its average volume of 1,654,143. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $32.04 billion, a price-to-earnings ratio of 12.65, a P/E/G ratio of 1.08 and a beta of 1.50. The stock's fifty day moving average is $111.30 and its two-hundred day moving average is $98.88. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $116.37.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. State Street's revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.15 EPS. Sell-side analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.0%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is presently 34.04%.

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.