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

Key Points

• Rep. Jake Auchincloss disclosed selling State Street shares on May 18, with the transaction reported May 22 in his Fidelity brokerage account. The sale was valued at between $15,001 and $50,000.
• State Street recently reported better-than-expected quarterly results, posting EPS of $2.84 versus estimates of $2.64 and revenue of $3.80 billion versus $3.59 billion expected. Revenue rose 15.6% year over year, and analysts currently forecast full-year EPS of 12.35.
• The company also announced a quarterly dividend of $0.84 per share, payable July 13, implying a 2.2% annualized yield. Meanwhile, Wall Street sentiment remains constructive, with a consensus rating of Moderate Buy and an average target price of $155.77.

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 0.0%

State Street stock opened at $153.96 on Tuesday. State Street Corporation has a 52-week low of $94.19 and a 52-week high of $156.18. The company has a market cap of $42.61 billion, a P/E ratio of 15.61, a P/E/G ratio of 0.84 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The business has a 50-day simple moving average of $140.38 and a two-hundred day simple moving average of $131.20.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data 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 net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the firm posted $2.04 earnings per share. The firm's revenue was up 15.6% compared to the same quarter last year. Analysts predict that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders 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 is Wednesday, July 1st. State Street's payout ratio is currently 34.08%.

Hedge Funds Weigh In On State Street

A number of hedge funds and other institutional investors have recently modified their holdings of STT. Regents of The University of California grew its position in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager's stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Morgan Stanley increased 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 purchasing an additional 433,201 shares during the last quarter. Victory Capital Management Inc. raised its stake in State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock valued at $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. increased 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 acquiring an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP increased its position 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 valued at $462,240,000 after acquiring an additional 835,331 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president directly owned 43,522 shares of the company's stock, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president owned 56,162 shares of the company's stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their position. 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. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

STT has been the topic of several analyst reports. Bank of America upgraded State Street from an "underperform" rating to a "neutral" rating and set a $143.00 target price on the stock in a research report on Monday, April 6th. Morgan Stanley upped their price target on shares of State Street from $155.00 to $166.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. JPMorgan Chase & Co. raised their price objective on shares of State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a research report on Monday, May 11th. Barclays set a $165.00 target price on shares of State Street in a research note on Monday, April 20th. Finally, Evercore set a $158.00 target price on shares of State Street and gave the stock an "outperform" rating in a report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $155.77.

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.

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