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

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, February 20th, RTT News reports. Stockholders of record on Tuesday, April 1st will be given a dividend of 0.76 per share by the asset manager on Friday, April 11th. This represents a $3.04 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Tuesday, April 1st.

State Street has increased its dividend payment by an average of 10.0% annually over the last three years and has increased its dividend every year for the last 13 years. State Street has a payout ratio of 28.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect State Street to earn $10.76 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 28.3%.

State Street Price Performance

State Street stock opened at $98.74 on Friday. The firm has a 50-day moving average price of $98.55 and a 200-day moving average price of $92.79. The firm has a market capitalization of $28.48 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s revenue was up 12.1% on a year-over-year basis. During the same quarter last year, the business earned $2.04 EPS. As a group, equities research analysts forecast that State Street will post 9.68 EPS for the current year.

Insider Transactions at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’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 sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,020 shares of company stock valued at $2,674,661 in the last 90 days. Insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on STT. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, February 14th. Morgan Stanley decreased their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a report on Friday, December 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, State Street has a consensus rating of “Hold” and an average target price of $100.73.

State Street Company Profile

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.