QRG Capital Management Inc. Has $5.61 Million Position in State Street Corporation $STT

QRG Capital Management Inc. boosted its holdings in State Street Corporation (NYSE:STT) by 14.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 reporting period.

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

Insiders Place Their Bets

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president owned 59,552 shares in the company, valued at $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 37,876 shares of company stock valued at $5,866,583. Company insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of STT opened at $170.57 on Monday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $47.21 billion, a P/E ratio of 17.30, a price-to-earnings-growth ratio of 0.92 and a beta of 1.42. The firm’s fifty day simple moving average is $159.83 and its two-hundred day simple moving average is $140.59. State Street Corporation has a 12 month low of $101.98 and a 12 month high of $175.46.

State Street (NYSE:STT) last issued its quarterly 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. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the business posted $2.04 EPS. The business’s revenue was up 15.6% compared to the same quarter last year. As a group, analysts predict that State Street Corporation will post 12.53 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a $0.84 dividend. 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 payout ratio is presently 34.08%.

Analyst Upgrades and Downgrades

Several brokerages have commented on STT. Argus lifted their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. The Goldman Sachs Group increased their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada raised their price objective on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Evercore set a $158.00 price objective on State Street and gave the stock an “outperform” rating in a research note on Monday, April 20th. Finally, UBS Group set a $176.00 target price on State Street in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $166.84.

State Street Company Profile

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.