AQR Capital Management LLC Cuts Holdings in State Street Corporation $STT

AQR Capital Management LLC decreased its stake in State Street Corporation (NYSE:STT) by 2.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 973,713 shares of the asset manager’s stock after selling 25,785 shares during the period. AQR Capital Management LLC’s holdings in State Street were worth $85,765,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. First Pacific Financial bought a new stake in State Street in the first quarter worth about $25,000. Capital Analysts LLC raised its position in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC raised its position in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the period. Golden State Wealth Management LLC raised its position in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the period. Finally, Minot DeBlois Advisors LLC bought a new stake in shares of State Street in the fourth quarter valued at approximately $49,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on STT. Wells Fargo & Company boosted their price target on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group boosted their price objective on shares of State Street from $98.00 to $111.00 and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Evercore ISI boosted 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. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Finally, Truist Financial boosted their price target on shares of State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, August 14th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $114.18.

State Street Stock Down 0.9%

Shares of NYSE STT opened at $112.99 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $116.37. The firm has a market capitalization of $32.06 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.12 and a beta of 1.50. The firm has a fifty day simple moving average of $111.02 and a two-hundred day simple moving average of $98.53.

State Street (NYSE:STT) 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 for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.15 EPS. Equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from State Street’s previous quarterly dividend of $0.76. State Street’s payout ratio is currently 34.04%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company’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 sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

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.