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

State Street Co. (NYSE:STT) declared a quarterly dividend on Thursday, February 20th, RTT News reports. Stockholders of record on Tuesday, April 1st will be paid 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 3.42%. The ex-dividend date is Tuesday, April 1st.

State Street has raised its dividend 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 dividend payout ratio of 28.3% meaning its dividend is sufficiently covered by earnings. Equities research 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 Trading Down 3.1 %

Shares of NYSE:STT opened at $88.95 on Friday. The company has a market capitalization of $25.66 billion, a P/E ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The business’s 50 day simple moving average is $95.35 and its 200 day simple moving average is $94.48. State Street has a 1 year low of $70.20 and a 1 year high of $103.00.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 12.1% on a year-over-year basis. During the same period in the prior year, the company posted $2.04 earnings per share. On average, research analysts anticipate that State Street will post 9.68 EPS for the current fiscal year.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. The trade was a 6.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at $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 own 0.31% of the company’s stock.

Institutional Trading of State Street

An institutional investor recently bought a new position in State Street stock. Brighton Jones LLC bought a new position in State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,012 shares of the asset manager’s stock, valued at approximately $296,000. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Wells Fargo & Company dropped their target price on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $101.53.

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.