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Gregory L. Summe, a director at State Street Corp (NYSE:STT), recently sold shares in the company amounting to $1.38 million. The transactions, which took place on February 18, 2025, involved the sale of 13,815 shares at a price of $100 per share. The sale comes as State Street trades near its 52-week high of $103, with the stock showing strong momentum, having gained over 26% in the past six months. According to InvestingPro analysis, the company maintains a 55-year track record of consecutive dividend payments, currently yielding 3%.
Following these transactions, Summe holds 100,023 shares directly. An additional portion of the shares was sold indirectly through a trust, leaving no shares owned by the trust post-sale. This activity follows the standard reporting procedures for insider transactions, providing transparency to investors and stakeholders. With a market capitalization of $28.8 billion and analysts maintaining a moderate buy consensus, investors seeking deeper insights can access the comprehensive Pro Research Report, along with 8 additional key metrics and analysis, available exclusively on InvestingPro.
In other recent news, State Street Corporation has announced a significant preferred stock offering, aiming to raise approximately $743.1 million through the issuance of 750,000 depositary shares, each priced at $1,000. This move is part of a strategic effort to bolster the company’s capital position. Meanwhile, Wolfe Research has upgraded State Street’s stock rating from Underperform to Peerperform, citing improved dynamics in its Lines of Business and a positive trajectory in earnings per share growth. In contrast, Goldman Sachs has slightly reduced its price target for State Street to $105, maintaining a Buy rating, due to optimistic servicing fee growth and stable net interest income expectations.
Truist Securities has also adjusted its outlook, lowering the price target to $104 while keeping a Hold rating, reflecting lower revenue projections and a revised payout ratio. Additionally, CFRA has upgraded State Street’s stock rating from Hold to Buy, despite reducing the price target to $113, highlighting an improved opportunity with the current share price. The company’s recent earnings report showed a Q4 EPS of $2.60, surpassing expectations, and a 12% increase in revenue year-over-year to $3.4 billion. State Street’s assets under custody and administration grew by 11% to $46.7 trillion, and assets under management rose by 15% to $4.7 trillion, indicating robust growth in 2024.
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