Musk threatens Apple with legal action over App Store bias towards OpenAI
In a recent filing with the Securities and Exchange Commission, Ann Fogarty, Executive Vice President at State Street Corp (NYSE:STT), reported the sale of shares valued at $368,536. The transaction took place on February 18, 2025, when Fogarty sold 3,705 shares of common stock at an average price of $99.47 per share. The sale comes as State Street, currently valued at $28.8 billion, trades near its 52-week high of $103, having delivered an impressive 43% return over the past year. According to InvestingPro analysis, the stock appears undervalued at current levels.
Additionally, on February 15, 2025, Fogarty acquired 8,332 shares through the settlement of a performance award granted in 2022, as part of her 2021 compensation package. These shares were acquired at no cost. On the same day, Fogarty also had 4,853 shares withheld to satisfy tax obligations related to the vesting of previously awarded deferred stock and the settlement of a performance award. These shares were valued at $99.16 per share, totaling $481,223. Notably, State Street has maintained dividend payments for 55 consecutive years, currently offering a 3% yield. Get access to more detailed insider trading analysis and 8 additional key insights with InvestingPro.
Following these transactions, Fogarty’s direct ownership stands at 50,816 shares. The sale was executed under a pre-established Rule 10b5-1 trading plan, which was adopted in August 2024.
In other recent news, State Street Corporation has announced a significant capital restructuring by issuing a new series of preferred stock, expected to generate approximately $743.1 million in net proceeds. This development is part of the company’s strategy to strengthen its capital position. Additionally, Wolfe Research has upgraded State Street’s stock rating from Underperform to Peerperform, citing improved business dynamics and a stronger earnings per share (EPS) growth trajectory compared to its peers. Meanwhile, Goldman Sachs has adjusted its price target for State Street to $105, maintaining a Buy rating, and highlighting the positive momentum in servicing fees as a key driver for the company’s future prospects.
Truist Securities also revised its outlook, lowering the price target to $104 while maintaining a Hold rating due to revenue projections not meeting expectations. The analysts noted adjustments in EPS estimates and anticipated lower expenses as a counterbalance to revenue challenges. In another development, CFRA has upgraded State Street’s stock rating from Hold to Buy, despite reducing the price target to $113. CFRA’s analysis points to an enhanced opportunity at a lower share price, with positive adjustments in EPS estimates for 2025 and 2026.
State Street’s recent earnings report showed a fourth-quarter EPS of $2.60, surpassing consensus estimates, alongside a 12% year-over-year revenue increase to $3.4 billion. The company’s service fee revenue remains a significant contributor, with notable year-over-year growth in various fee categories and a substantial increase in total deposits and assets under custody and administration. These developments collectively reflect State Street’s strategic initiatives and market positioning amid evolving financial conditions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.