State Street Corporation $STT Position Increased by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. increased its stake in State Street Corporation by 489.2%, acquiring a total of 152,765 shares valued at approximately $16.2 million.
• State Street's quarterly dividend was raised to $0.84, marking an increase from the previous $0.76 and representing an annualized yield of 2.9%.
• Analysts have a consensus rating of Moderate Buy for State Street, with a new price target of $122.67, which reflects several recent upgrades from various research firms.

QRG Capital Management Inc. raised its stake in State Street Corporation (NYSE:STT - Free Report) by 489.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 152,765 shares of the asset manager's stock after buying an additional 126,838 shares during the period. QRG Capital Management Inc. owned approximately 0.05% of State Street worth $16,245,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. Invesco Ltd. boosted its position in shares of State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after purchasing an additional 674,120 shares during the period. Northern Trust Corp boosted its holdings in shares of State Street by 2.8% in the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock worth $381,770,000 after buying an additional 115,751 shares during the period. Dimensional Fund Advisors LP increased its position in shares of State Street by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock worth $274,732,000 after acquiring an additional 14,011 shares in the last quarter. Eastern Bank raised its holdings in shares of State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after acquiring an additional 2,947,153 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of State Street by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager's stock valued at $242,932,000 after purchasing an additional 49,353 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STT has been the topic of several recent analyst reports. TD Cowen assumed coverage on State Street in a research report on Thursday, September 25th. They set a "buy" rating on the stock. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Evercore ISI increased their price target on shares of State Street from $117.00 to $128.00 and gave the stock an "outperform" rating in a research report on Tuesday. Bank of America boosted 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. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $162.00 price objective on shares of State Street in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.67.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is currently owned by company insiders.

State Street Stock Performance

NYSE:STT opened at $116.35 on Friday. The firm has a market capitalization of $33.01 billion, a PE ratio of 13.03, a PEG ratio of 1.13 and a beta of 1.46. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.06. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm's fifty day simple moving average is $112.83 and its 200 day simple moving average is $101.46.

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

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is an increase from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. State Street's payout ratio is 37.63%.

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.

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