Boston, MA - State Street Corp (NYSE:STT) Executive Vice President, Ambrosius Joerg, has sold 4,000 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $76.74, amounting to a total transaction value of $306,960.
The transactions took place on May 10, 2024, and were disclosed through an SEC Form 4 filing on May 14. The filing indicated that the shares were sold in multiple transactions at prices ranging from $76.73 to $76.76. Following the sale, EVP Joerg continues to hold 48,397 shares of State Street Corp.
State Street Corp, headquartered in Boston, Massachusetts, is a financial services and bank holding company providing a range of products and services for institutional investors worldwide.
Investors and the market often monitor insider transactions as they can provide insights into how executives view their company's stock value and future performance. However, such transactions can be motivated by a variety of factors and do not necessarily signal a change in company prospects.
The sale by EVP Joerg is a routine disclosure and part of the mandatory filings required by company insiders. State Street Corp has not issued any additional comments regarding the transaction.
InvestingPro Insights
As State Street Corp (NYSE:STT) continues to navigate the financial services landscape, recent data from InvestingPro reveals a nuanced picture of its financial health and market position. With a market capitalization of $23.06 billion and a Price/Earnings (P/E) ratio of 14.01, the company shows stability in its valuation. Adjusted figures for the last twelve months as of Q1 2024 indicate a slightly lower P/E ratio of 12.42, suggesting a potential undervaluation compared to historical averages.
The company's commitment to returning value to shareholders is evident, with a notable dividend yield of 3.62% and a consistent track record of dividend growth, including a 9.52% increase in the last twelve months as of Q1 2024. This aligns with one of the InvestingPro Tips highlighting that State Street has raised its dividend for 13 consecutive years, underscoring its reliability for income-focused investors.
An InvestingPro Tip also points out that management has been aggressively buying back shares, which can be a sign of confidence in the company's future and often serves to boost earnings per share over time. This activity, along with the dividend growth, could be particularly appealing for long-term investors seeking a mix of income and potential capital appreciation.
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