Kayne Anderson Rudnick Investment Management LLC Decreases Holdings in State Street Corporation $STT

Key Points

• Kayne Anderson Rudnick Investment Management LLC has reduced its stake in State Street Corporation by 21.8%, now holding 15,160 shares valued at approximately $1.36 million.
• State Street Corporation has declared a quarterly dividend increase from $0.76 to $0.84 per share, reflecting a 2.9% dividend yield and a payout ratio of 34.04%.
• The company reported earnings of $2.53 per share for the last quarter, exceeding estimates, alongside a revenue increase of 2.9% year-over-year to $3.47 billion.

Kayne Anderson Rudnick Investment Management LLC trimmed its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 21.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,160 shares of the asset manager's stock after selling 4,227 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in State Street were worth $1,357,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Meeder Advisory Services Inc. boosted its holdings in shares of State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after buying an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after buying an additional 118 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock worth $201,000 after buying an additional 126 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after buying an additional 134 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Citigroup increased their price target on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Bank of America upped their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Evercore ISI increased their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Truist Financial increased their target price on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $112.82.

State Street Stock Down 0.2%

NYSE STT traded down $0.22 on Friday, reaching $115.02. The company had a trading volume of 995,204 shares, compared to its average volume of 1,573,020. The stock has a market capitalization of $32.63 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.13 and a beta of 1.48. The company's fifty day moving average is $110.06 and its 200 day moving average is $98.03. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 EPS. Sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal 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 dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 34.04%.

State Street 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.