Representative Jake Auchincloss (D-Massachusetts) has sold a portion of his shares in State Street Corporation (NYSE:STT), according to a filing made public on November 18, 2023. The transaction, which took place on November 17, involved the sale of shares valued between $15,001 and $50,000.
State Street’s stock saw an increase of $1.02 during trading on November 17, reaching a closing price of $114.32. The company experienced a trading volume of 2,183,949 shares, surpassing its average volume of 2,016,833. Over the past year, State Street’s shares have fluctuated, hitting a low of $72.81 and a high of $122.69. The stock’s fifty-day simple moving average stands at $115.25, while the two-hundred-day average is $109.05.
In terms of financial health, State Street maintains a quick ratio of 0.57, a current ratio of 0.59, and a debt-to-equity ratio of 1.03. The firm boasts a market capitalization of approximately $31.93 billion and a price-to-earnings ratio of 12.10, with a price-to-earnings-growth ratio of 1.24, indicating a relatively stable investment profile.
Recent Financial Performance
State Street recently announced its earnings results on October 17, 2023. The asset manager reported earnings per share (EPS) of $2.78 for the quarter, exceeding analysts’ consensus estimates of $2.57 by $0.21. The company generated $3.55 billion in revenue during the quarter, which was above the expected $3.43 billion. Compared to the same quarter in the previous year, State Street’s revenue increased by 8.8%.
Analysts anticipate that State Street Corporation will achieve an EPS of $9.68 for the current fiscal year.
In a related development, Michael L. Richards, Executive Vice President at State Street, sold 1,500 shares on October 27, 2023. The shares were sold at an average price of $117.24, yielding a total of $175,860. Following this transaction, Richards retained 38,626 shares in the company, valued at approximately $4,528,512.24. This represented a 3.74% decrease in his ownership of State Street stock.
Institutional Investments and Ownership Trends
Recent trends show that hedge funds and institutional investors have been active in adjusting their positions in State Street. Assetmark Inc. increased its stake by 61.9% in the first quarter of this year, acquiring an additional 357 shares to reach a total of 934 shares valued at $84,000.
Additionally, Nordea Investment Management AB boosted its holdings by 2.2% during the second quarter, now owning 2,273,567 shares valued at approximately $241.86 million. Other notable moves include Inspire Trust Co. N.A., which increased its position by 25.8%, and Charles Schwab Investment Management Inc., which grew its stake by 0.9%. Overall, hedge funds and institutional investors currently hold approximately 87.44% of State Street’s stock.
About Jake Auchincloss
Jake Auchincloss has served as a member of the U.S. House of Representatives since January 3, 2021. Representing Massachusetts’ 4th Congressional District, he is currently in his first term, which is set to conclude on January 3, 2027. Auchincloss, a member of the Democratic Party, is running for re-election in the upcoming 2026 election.
Born in Boston, Massachusetts, Auchincloss served in the United States Marine Corps from 2010 to 2015, achieving the rank of captain. He holds an undergraduate degree from Harvard College and a graduate degree from the Massachusetts Institute of Technology. His professional background includes roles in cybersecurity and product management at Solaria Labs, a division of Liberty Mutual Insurance.
About State Street Corporation
State Street Corporation offers a wide range of financial products and services tailored for institutional investors globally. Its offerings include investment servicing, custody, accounting, regulatory reporting, and analytics, among others. The company supports its clients with comprehensive solutions in finance leasing, foreign exchange, brokerage services, and performance risk compliance analytics, making it a significant player in the financial services industry.
The recent activities of Representative Auchincloss and the financial performance of State Street Corporation reflect broader trends in the market, showcasing the interconnectedness of political and financial sectors.
