QRG Capital Management Inc. Purchases 5,641 Shares of State Street Corporation $STT

QRG Capital Management Inc. increased its position in shares of State Street Corporation (NYSE:STT) by 14.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,333 shares of the asset manager’s stock after buying an additional 5,641 shares during the quarter. QRG Capital Management Inc.’s holdings in State Street were worth $5,611,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. HB Wealth Management LLC boosted its holdings in State Street by 12.3% in the first quarter. HB Wealth Management LLC now owns 13,197 shares of the asset manager’s stock worth $1,670,000 after acquiring an additional 1,447 shares in the last quarter. World Investment Advisors increased its holdings in shares of State Street by 603.0% during the first quarter. World Investment Advisors now owns 17,174 shares of the asset manager’s stock valued at $2,174,000 after acquiring an additional 14,731 shares in the last quarter. Turtle Creek Wealth Advisors LLC increased its holdings in shares of State Street by 11.0% during the first quarter. Turtle Creek Wealth Advisors LLC now owns 1,886 shares of the asset manager’s stock valued at $239,000 after acquiring an additional 187 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of State Street by 9.7% during the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after purchasing an additional 26,862 shares during the period. Finally, Optas LLC raised its position in shares of State Street by 6.1% during the first quarter. Optas LLC now owns 2,821 shares of the asset manager’s stock worth $357,000 after purchasing an additional 163 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on STT. Citigroup lifted their price target on shares of State Street from $172.00 to $193.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. upped their price objective on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a report on Monday, May 11th. Evercore set a $158.00 price objective on shares of State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Royal Bank Of Canada lifted their price objective on shares of State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a report on Monday, April 20th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $166.84.

State Street Trading Down 0.1%

NYSE:STT opened at $170.57 on Monday. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $175.46. The firm has a 50-day moving average price of $159.83 and a two-hundred day moving average price of $140.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market cap of $47.21 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company’s revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.04 EPS. On average, equities analysts expect that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is 34.08%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares in the company, valued at $6,697,600.58. This represents a 6.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This trade represents a 13.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 37,876 shares of company stock worth $5,866,583 in the last ninety days. Company insiders own 0.27% of the company’s stock.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.