Rep. Jake Auchincloss Sells State Street Corporation (NYSE:STT) Stock

Key Points

• Representative Jake Auchincloss sold shares of State Street Corporation (NYSE:STT) for an amount between $15,001 and $50,000 on August 18th, as disclosed in a filing on August 27th.
• State Street reported a quarterly earnings per share (EPS) of $2.53, exceeding expectations, with a net revenue of $3.47 billion demonstrating a 2.9% year-over-year increase.
• The company declared an increased quarterly dividend of $0.84 per share, payable on October 14th, reflecting a dividend yield of 2.9%.

Representative Jake Auchincloss (D-Massachusetts) recently sold shares of State Street Corporation NYSE: STT. In a filing disclosed on August 27th, the Representative disclosed that they had sold between $15,001 and $50,000 in State Street stock on August 18th.

State Street Price Performance

STT stock traded down $0.22 during mid-day trading on Friday, reaching $115.02. The company's stock had a trading volume of 995,204 shares, compared to its average volume of 1,573,020. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $116.37. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $32.63 billion, a PE ratio of 12.88, a P/E/G ratio of 1.13 and a beta of 1.48. The company's 50 day moving average is $110.06 and its two-hundred day moving average is $98.03.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the firm posted $2.15 earnings per share. The company's revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date 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 dividend payout ratio (DPR) is presently 34.04%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on STT shares. Wells Fargo & Company upped their price target on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group raised their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Morgan Stanley lifted their price objective on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Evercore ISI upped their price objective on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Finally, Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $112.82.

Institutional Investors Weigh In On State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. grew its position in shares of State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager's stock worth $910,934,000 after acquiring an additional 381,547 shares during the last quarter. Dodge & Cox grew its stake in shares of State Street by 1.1% in the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager's stock worth $788,236,000 after purchasing an additional 80,855 shares in the last quarter. Geode Capital Management LLC lifted its stake in State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager's stock worth $784,930,000 after acquiring an additional 27,098 shares in the last quarter. Northern Trust Corp grew its holdings in shares of State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock worth $381,770,000 after purchasing an additional 115,751 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of State Street by 0.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock valued at $274,732,000 after buying an additional 14,011 shares during the period. Institutional investors own 87.44% 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.

State Street Company 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.