Kayne Anderson Rudnick Investment Management LLC Has $1.90 Million Stock Position in State Street Co. (NYSE:STT)

Kayne Anderson Rudnick Investment Management LLC lessened its position in shares of State Street Co. (NYSE:STT) by 42.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,387 shares of the asset manager’s stock after selling 14,030 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in State Street were worth $1,903,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Albion Financial Group UT acquired a new stake in State Street during the fourth quarter worth $25,000. Y.D. More Investments Ltd boosted its position in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in State Street in the fourth quarter valued at about $42,000. Loomis Sayles & Co. L P lifted its stake in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after purchasing an additional 311 shares during the period. Finally, Friedenthal Financial acquired a new stake in State Street during the fourth quarter valued at approximately $49,000. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

Shares of NYSE:STT opened at $83.74 on Wednesday. The stock has a market capitalization of $24.17 billion, a P/E ratio of 10.16, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The business has a 50-day moving average price of $88.58 and a two-hundred day moving average price of $93.70.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period in the prior year, the business posted $1.69 earnings per share. Equities analysts predict that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were issued a $0.76 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.63%. State Street’s dividend payout ratio is presently 34.12%.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on STT. Keefe, Bruyette & Woods dropped their target price on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a report on Monday. Bank of America lifted their price objective on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a report on Wednesday, April 2nd. Morgan Stanley lowered their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $102.15.

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.