State Street Co. (NYSE:STT) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in shares of State Street Co. (NYSE:STT) by 44.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,728 shares of the asset manager’s stock after selling 30,928 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in State Street were worth $2,866,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of STT. LSV Asset Management increased its stake in State Street by 30.6% in the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock valued at $390,897,000 after purchasing an additional 1,238,251 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in State Street by 541.2% during the first quarter. Jacobs Levy Equity Management Inc. now owns 751,641 shares of the asset manager’s stock worth $58,117,000 after acquiring an additional 634,422 shares during the last quarter. SG Americas Securities LLC grew its position in shares of State Street by 430.5% in the first quarter. SG Americas Securities LLC now owns 735,136 shares of the asset manager’s stock valued at $56,841,000 after purchasing an additional 596,567 shares during the last quarter. Balyasny Asset Management L.P. grew its position in shares of State Street by 57.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,563,964 shares of the asset manager’s stock valued at $121,145,000 after purchasing an additional 573,016 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in shares of State Street by 168.7% during the 1st quarter. Lazard Asset Management LLC now owns 807,950 shares of the asset manager’s stock worth $62,469,000 after purchasing an additional 507,270 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on shares of State Street from $91.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley lifted their target price on shares of State Street from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 17th. Wolfe Research reiterated an “underperform” rating and issued a $73.00 price target on shares of State Street in a report on Monday, July 8th. Royal Bank of Canada raised their price objective on State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group upped their target price on State Street from $89.00 to $98.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $88.89.

State Street Price Performance

STT opened at $88.50 on Monday. State Street Co. has a 12-month low of $62.78 and a 12-month high of $89.42. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $26.43 billion, a P/E ratio of 16.57, a PEG ratio of 1.38 and a beta of 1.48. The stock has a fifty day moving average of $83.19 and a 200-day moving average of $77.55.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. State Street had a return on equity of 11.78% and a net margin of 8.98%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $2.17 EPS. Equities analysts forecast that State Street Co. will post 8.15 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.44%. The ex-dividend date is Tuesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.69. State Street’s dividend payout ratio is currently 51.69%.

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.