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

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 Trading Up 1.2 %

State Street stock opened at $97.50 on Friday. The stock has a 50-day moving average price of $91.29 and a 200 day moving average price of $82.96. State Street Co. has a 52 week low of $69.56 and a 52 week high of $98.45. The stock has a market cap of $28.58 billion, a PE ratio of 15.40, a P/E/G 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 issued its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.93 earnings per share. Equities research analysts predict that State Street Co. will post 8.42 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on STT shares. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wells Fargo & Company upped their price target on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research note on Wednesday. Morgan Stanley boosted their target price on State Street from $100.00 to $102.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $92.11.

Insider Activity at State Street

In related 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 sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On State Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its holdings in State Street by 127.8% in the first quarter. Cetera Investment Advisers now owns 44,400 shares of the asset manager’s stock valued at $3,433,000 after purchasing an additional 24,906 shares during the last quarter. Bayesian Capital Management LP purchased a new position in shares of State Street during the 1st quarter valued at approximately $908,000. KBC Group NV grew its position in shares of State Street by 20.5% during the third quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock worth $6,607,000 after buying an additional 12,707 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of State Street by 17.3% during the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock worth $12,124,000 after buying an additional 20,183 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its stake in shares of State Street by 39.3% in the second quarter. Ensign Peak Advisors Inc now owns 145,859 shares of the asset manager’s stock worth $10,794,000 after buying an additional 41,180 shares during the last quarter. 87.44% of the stock is 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.

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.