Activist investor Nelson Peltz
, and his firm Trian Fund Management
, have sold off some of its holdings in State Street
], according to the Wall Street Journal
The paper reports that while Trian pocketed a profit on the sale, the move came at a per-share price far below what Mr. Peltz and the firm's two other founding partners stated State Street would be worth if it followed their "action plan."
Moreover, the paper says that The stock has been buoyed by planned cost cuts that include nearly 3,000 job cuts, increased dividends and share buybacks by the Boston company. Shares jumped earlier this month when the company said it would cut more jobs and look to increase the buyback.
Read more about this in the to the Wall Street Journal
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