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

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 paid a dividend of 0.76 per share by the asset manager on Monday, January 13th. This represents a $3.04 dividend on an annualized basis and a yield of 3.19%.

State Street has raised its dividend payment by an average of 8.3% per year over the last three years and has increased its dividend every year for the last 13 years. State Street has a payout ratio of 32.4% meaning its dividend is sufficiently covered by earnings. Research 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 Stock Up 0.7 %

Shares of NYSE STT traded up $0.68 during trading hours on Thursday, hitting $95.42. 2,089,631 shares of the stock were exchanged, compared to its average volume of 2,217,131. The company has a market cap of $27.97 billion, a PE ratio of 15.07, a PEG ratio of 1.24 and a beta of 1.44. State Street has a 12 month low of $70.20 and a 12 month high of $101.91. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The firm has a fifty day moving average price of $95.27 and a 200-day moving average price of $85.82.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 EPS for the quarter, beating the consensus estimate of $2.12 by $0.14. State Street had a return on equity of 12.02% and a net margin of 9.87%. 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 business posted $1.93 EPS. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. On average, sell-side analysts expect that State Street will post 8.42 EPS for the current year.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction 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 $10,878,784.74. This represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,460 shares of company stock valued at $2,499,860 in the last quarter. 0.31% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on STT shares. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Wells Fargo & Company boosted their target price on shares of State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Barclays raised their price target on shares of State Street from $103.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. StockNews.com raised shares of State Street from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Evercore ISI upped their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price 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.