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

Representative Jake Auchincloss (D-Massachusetts) recently sold shares of State Street Corporation (NYSE:STT). In a filing disclosed on November 18th, the Representative disclosed that they had sold between $15,001 and $50,000 in State Street stock on November 17th.

State Street Stock Performance

Shares of State Street stock traded up $1.02 during trading hours on Friday, hitting $114.32. 2,183,949 shares of the company’s stock traded hands, compared to its average volume of 2,016,833. The stock has a market capitalization of $31.93 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 1.24 and a beta of 1.47. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $122.69. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.59 and a quick ratio of 0.57. The company has a fifty day simple moving average of $115.25 and a 200-day simple moving average of $109.05.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same quarter in the prior year, the business earned $2.26 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On State Street

Institutional investors and hedge funds have recently made changes to their positions in the business. CIBC Bancorp USA Inc. bought a new position in State Street in the 3rd quarter worth about $4,547,000. Achmea Investment Management B.V. increased its holdings in shares of State Street by 3.3% in the 3rd quarter. Achmea Investment Management B.V. now owns 254,446 shares of the asset manager’s stock worth $29,518,000 after buying an additional 8,085 shares during the last quarter. Danske Bank A S bought a new position in State Street in the third quarter valued at $34,582,000. Stance Capital LLC purchased a new stake in State Street during the third quarter valued at about $44,000. Finally, Advisory Services Network LLC lifted its stake in State Street by 1.3% during the third quarter. Advisory Services Network LLC now owns 12,622 shares of the asset manager’s stock worth $1,464,000 after purchasing an additional 156 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on STT. BMO Capital Markets began coverage on State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. The Goldman Sachs Group upped their price objective on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 6th. Cowen reiterated a “buy” rating on shares of State Street in a research report on Tuesday, October 21st. Finally, Evercore ISI boosted their price target on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $125.92.

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, 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.