QRG Capital Management Inc. Acquires 6,420 Shares of State Street Corporation $STT

Key Points

• QRG Capital Management increased its State Street stake by 14.5%, purchasing 6,420 additional shares to hold 50,753 shares worth approximately $8.6 million. Institutional investors collectively own 87.44% of the company.
• Analysts maintain a “Moderate Buy” consensus on State Street, with an average price target of $185.38; several firms recently raised their targets to between $194 and $215.
• State Street reported quarterly EPS of $3.65, exceeding estimates, while revenue rose 23.3% year over year to $4.05 billion. The company also raised its quarterly dividend from $0.84 to $0.92 per share, implying a 2.0% yield.

QRG Capital Management Inc. boosted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 14.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,753 shares of the asset manager's stock after purchasing an additional 6,420 shares during the quarter. QRG Capital Management Inc.'s holdings in State Street were worth $8,608,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in STT. Philadelphia Investment Partners LLC acquired a new position in shares of State Street in the 2nd quarter valued at $26,000. Bell Investment Advisors Inc bought a new stake in shares of State Street in the 2nd quarter valued at approximately $28,000. Elevation Wealth Partners LLC raised its holdings in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after buying an additional 106 shares in the last quarter. Continuum Advisory LLC bought a new position in shares of State Street during the 2nd quarter worth approximately $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in State Street in the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on STT. Wells Fargo & Company upped their price target on State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Barclays lifted their price objective on State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a report on Friday, July 17th. Citigroup upped their target price on shares of State Street from $193.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, July 17th. The Goldman Sachs Group increased their target price on shares of State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Finally, Weiss Ratings raised shares of State Street from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, September 14th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $185.38.

Insider Buying and Selling at State Street

In other news, EVP W. Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares of the company's stock, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of the firm's stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company's stock.

State Street Trading Up 0.6%

STT stock opened at $181.00 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.93. The company has a market cap of $49.72 billion, a P/E ratio of 15.96, a PEG ratio of 0.85 and a beta of 1.41. The business has a fifty day moving average of $187.21 and a 200-day moving average of $164.11.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.88 billion. During the same quarter last year, the business earned $2.04 earnings per share. The firm's quarterly revenue was up 23.3% compared to the same quarter last year. As a group, equities research analysts expect that State Street Corporation will post 13.76 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio is presently 29.63%.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.

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