Kayne Anderson Rudnick Investment Management LLC Increases Position in State Street Corporation (STT)

Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of State Street Corporation (NYSE:STT) by 1.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 85,500 shares of the asset manager’s stock after purchasing an additional 1,556 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in State Street Corporation were worth $8,169,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Raymond James Trust N.A. grew its holdings in shares of State Street Corporation by 26.5% during the 3rd quarter. Raymond James Trust N.A. now owns 4,112 shares of the asset manager’s stock valued at $393,000 after purchasing an additional 862 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in shares of State Street Corporation by 5.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 61,202 shares of the asset manager’s stock valued at $5,490,000 after purchasing an additional 3,365 shares during the last quarter. Delta Lloyd Asset Management N.V. bought a new stake in shares of State Street Corporation during the 2nd quarter valued at approximately $4,730,000. Boston Advisors LLC bought a new stake in shares of State Street Corporation during the 3rd quarter valued at approximately $13,279,000. Finally, Royal Bank of Canada grew its holdings in shares of State Street Corporation by 87.7% during the 2nd quarter. Royal Bank of Canada now owns 471,434 shares of the asset manager’s stock valued at $42,302,000 after purchasing an additional 220,315 shares during the last quarter. 88.15% of the stock is currently owned by institutional investors.

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State Street Corporation (STT) traded down $0.09 during midday trading on Friday, hitting $92.31. 1,899,423 shares of the stock traded hands, compared to its average volume of 1,972,659. State Street Corporation has a 12-month low of $74.45 and a 12-month high of $99.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48. The company has a market cap of $34,270.00, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 1.56 and a beta of 1.35.

State Street Corporation (NYSE:STT) last posted its earnings results on Monday, October 23rd. The asset manager reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. State Street Corporation had a net margin of 20.56% and a return on equity of 13.03%. The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the business posted $1.35 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. equities analysts forecast that State Street Corporation will post 6.25 EPS for the current fiscal year.

In other news, insider Hannah M. Grove sold 3,200 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $92.64, for a total value of $296,448.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrew Erickson sold 354 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,554 shares of company stock valued at $2,644,016. Company insiders own 0.71% of the company’s stock.

STT has been the topic of a number of research reports. Zacks Investment Research raised shares of State Street Corporation from a “hold” rating to a “buy” rating and set a $104.00 target price on the stock in a report on Thursday, July 27th. Morgan Stanley boosted their target price on shares of State Street Corporation from $90.00 to $105.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. Jefferies Group LLC reissued a “hold” rating and set a $100.00 target price on shares of State Street Corporation in a report on Friday, September 15th. Finally, Keefe, Bruyette & Woods set a $93.00 target price on shares of State Street Corporation and gave the stock a “hold” rating in a report on Monday, August 28th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $96.47.

State Street Corporation Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

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Institutional Ownership by Quarter for State Street Corporation (NYSE:STT)

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