State Street Co. (NYSE:STT) to Issue $0.76 Quarterly Dividend

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, December 19th,RTT News reports. Investors of record on Thursday, January 2nd will be given a dividend of 0.76 per share by the asset manager on Monday, January 13th. This represents a $3.04 annualized dividend and a dividend yield of 3.19%.

State Street has increased its dividend by an average of 8.3% annually over the last three years and has raised its dividend every year for the last 13 years. State Street has a dividend payout ratio of 32.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect State Street to earn $9.41 per share next year, which means the company should continue to be able to cover its $3.04 annual dividend with an expected future payout ratio of 32.3%.

State Street Trading Up 0.7 %

NYSE:STT traded up $0.68 during trading hours on Thursday, hitting $95.42. The company had a trading volume of 2,089,631 shares, compared to its average volume of 2,217,131. State Street has a 1 year low of $70.20 and a 1 year high of $101.91. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91. The company has a 50-day moving average of $95.27 and a 200 day moving average of $85.82. The company has a market cap of $27.97 billion, a P/E ratio of 15.07, a P/E/G ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. State Street’s quarterly revenue was up 21.1% on a year-over-year basis. Sell-side analysts expect that State Street will post 8.42 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the transaction, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock valued at $2,499,860 in the last ninety days. Company insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on STT. Deutsche Bank Aktiengesellschaft upped their price objective on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a report on Monday, November 11th. Evercore ISI raised their price objective on State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays upped their target price on shares of State Street from $103.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, State Street currently has an average rating of “Hold” and an average price target of $97.32.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.