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

Representative Jake Auchincloss (D-Massachusetts) recently sold shares of State Street Co. (NYSE:STT). In a filing disclosed on November 21st, the Representative disclosed that they had sold between $15,001 and $50,000 in State Street stock on November 18th.

State Street Price Performance

Shares of STT stock traded up $1.16 on Friday, reaching $97.50. The company’s stock had a trading volume of 1,513,140 shares, compared to its average volume of 1,901,449. The stock’s fifty day simple moving average is $91.29 and its 200-day simple moving average is $82.96. State Street Co. has a 1 year low of $69.56 and a 1 year high of $98.45. The company has a market capitalization of $28.58 billion, a price-to-earnings ratio of 15.40, a price-to-earnings-growth ratio of 1.19 and a beta of 1.46. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping the consensus estimate of $2.12 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the business posted $1.93 earnings per share. Analysts forecast that State Street Co. will post 8.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

STT has been the subject of several analyst reports. Evercore ISI raised their price objective on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays raised their price target on State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group increased their target price on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley upped their price target on shares of State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $92.11.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the transaction, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.31% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its position in State Street by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after purchasing an additional 41,442 shares during the last quarter. Capital International Investors increased its position in shares of State Street by 0.5% in the 1st quarter. Capital International Investors now owns 6,626,753 shares of the asset manager’s stock valued at $512,381,000 after acquiring an additional 31,314 shares during the period. FMR LLC raised its stake in State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after acquiring an additional 833,679 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. Finally, LSV Asset Management lifted its position in State Street by 30.6% during the 2nd quarter. LSV Asset Management now owns 5,282,386 shares of the asset manager’s stock worth $390,897,000 after acquiring an additional 1,238,251 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

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, 2025. Auchincloss (Democratic Party) is running for re-election to the U.S. House to represent Massachusetts’ 4th Congressional District. He declared candidacy for the 2024 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.