Rep. Jake Auchincloss Sells Off Shares of State Street Corporation (NYSE:STT)

Representative Jake Auchincloss (Democratic-Massachusetts) recently sold shares of State Street Corporation (NYSE:STT). In a filing disclosed on May 22nd, the Representative disclosed that they had sold between $15,001 and $50,000 in State Street stock on May 18th. The trade occurred in the Representative’s “FIDELITY BROKERAGE – MG” account.

State Street Trading Up 1.4%

Shares of STT stock traded up $2.13 on Tuesday, reaching $156.08. 293,615 shares of the company’s stock were exchanged, compared to its average volume of 2,111,004. State Street Corporation has a 52 week low of $94.72 and a 52 week high of $157.16. 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 $43.20 billion, a PE ratio of 15.83, a P/E/G ratio of 0.84 and a beta of 1.45. The company’s fifty day simple moving average is $140.38 and its 200 day simple moving average is $131.20.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) 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 analyst estimates of $3.59 billion. During the same period last year, the company earned $2.04 EPS. State Street’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, analysts forecast that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research analyst reports. Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 target price on shares of State Street in a research report on Monday, April 20th. Royal Bank Of Canada boosted their target price on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Barclays set a $165.00 price target on State Street in a research note on Monday, April 20th. Keefe, Bruyette & Woods boosted their price objective on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Finally, JPMorgan Chase & Co. boosted their price objective on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a report on Monday, May 11th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and an average price target of $158.57.

Institutional Investors Weigh In On State Street

A number of large investors have recently made changes to their positions in the stock. Regents of The University of California grew its position in State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after acquiring an additional 5,908,370 shares during the period. Morgan Stanley grew its position in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after acquiring an additional 433,201 shares during the period. Victory Capital Management Inc. grew its position in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares during the period. Franklin Resources Inc. lifted its stake in State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after purchasing an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after purchasing an additional 835,331 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction 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 sale, the chief operating officer directly owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares in the company, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 28,711 shares of company stock worth $3,933,032. Corporate insiders own 0.27% of the company’s stock.

About Representative Auchincloss

Jake Auchincloss (Democratic Party) is a member of the U.S. House, representing Massachusetts’ 4th Congressional District. He assumed office on January 3, 2021. His current term ends on January 3, 2027.

Auchincloss (Democratic Party) is running for re-election to the U.S. House to represent Massachusetts’ 4th Congressional District. He declared candidacy for the 2026 election.

Jake Auchincloss was born in Boston, Massachusetts. Auchincloss served in the United States Marine Corps from 2010 to 2015 and reached the rank of captain. He earned an undergraduate degree from Harvard College in 2010 and a graduate degree from the Massachusetts Institute of Technology in 2016. Auchincloss’ career experience includes working as a product manager with a cybersecurity startup and as a senior manager for new products with Solaria Labs at Liberty Mutual Insurance.

About State Street

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.