William Meaney, a director at State Street Corp (NYSE:STT), reported several transactions involving the company's common stock. On March 24, 2023, Meaney sold 10 shares at a price of $70.95 each, and on February 16, 2024, he sold an additional 5 shares at $72.49 per share. Furthermore, on August 9, 2024, he sold 10 shares at $77.71 each. These sales amounted to a total of $1,434.
In addition to these sales, Meaney also made several purchases. On March 8, 2023, he acquired 10 shares at $86.59 each. He continued to purchase shares throughout 2024, including 25 shares on March 18 at $72.49 each, and 25 shares on June 14 at $70.91 each. He also made transactions through trusts, acquiring shares on January 24, February 16, March 18, May 17, June 17, and October 14, with prices ranging from $71.71 to $90.88. The total value of these purchases was $8,778.
In other recent news, Boston-based financial services provider, State Street Corporation (NYSE:STT), has made notable strides in its operations. The company's third-quarter earnings per share (EPS) of $2.26 exceeded expectations, leading to a 7% growth in fee revenues and a 9% increase in total revenues. Furthermore, State Street secured $466 billion in assets under custody/administration and achieved record quarterly net flows of $100 billion in its Global Advisors division.
State Street also announced the appointment of Patricia Halliday to its Board of Directors. Halliday, with over thirty years of experience in the financial sector, is expected to bring valuable insights to the board. Despite these positive developments, JPMorgan (NYSE:JPM) maintained its Underweight rating due to pricing pressures and slower revenue growth, while Keefe, Bruyette & Woods raised its price target following the solid earnings report.
On the other hand, a study by zeb Consulting revealed a decline in profitability among asset managers, including State Street, predicting a continued decrease in profitability through 2028. This is partly due to investor preferences shifting towards lower-fee products like ETFs. As part of its future expectations, State Street aims for total fee revenue growth of 4% to 5% and net interest income growth of 4% to 5%. The company also plans to generate $1 billion in software revenue over the next five years.
InvestingPro Insights
State Street Corp's recent performance and financial metrics offer additional context to Director William Meaney's trading activities. The company's stock has shown strong momentum, with a 19.68% price total return over the last three months and a 25.45% return over the past six months. This upward trend aligns with Meaney's mixed trading pattern of both sales and purchases.
InvestingPro data reveals that State Street Corp has a market capitalization of $27.81 billion and a P/E ratio of 14.84, suggesting a relatively modest valuation compared to some peers in the financial sector. The company's dividend yield stands at 3.16%, which may be attractive to income-focused investors.
Two relevant InvestingPro Tips highlight State Street's commitment to shareholder returns: the company has raised its dividend for 13 consecutive years and has maintained dividend payments for an impressive 54 consecutive years. This long-term dividend consistency could explain Meaney's continued investment in the company despite some share sales.
It's worth noting that State Street's revenue growth was 4.38% over the last twelve months, with a more substantial 20.14% growth in the most recent quarter. This growth, combined with the company's operating income margin of 24.38%, indicates a solid financial foundation.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 more InvestingPro Tips available for State Street Corp, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.