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

State Street Co. (NYSE:STT) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Investors of record on Tuesday, July 1st will be paid a dividend of 0.76 per share by the asset manager on Friday, July 11th. This represents a $3.04 dividend on an annualized basis and a yield of 3.11%.

State Street has raised its dividend payment by an average of 10.0% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. State Street has a payout ratio of 29.3% 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 $97.68 on Thursday. The stock has a 50-day moving average price of $86.74 and a two-hundred day moving average price of $93.74. State Street has a 12 month low of $70.20 and a 12 month high of $103.00. The company has a market capitalization of $27.86 billion, a PE ratio of 11.85, a P/E/G ratio of 1.11 and a beta of 1.42. 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 (NYSE:STT) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.06. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same quarter in the prior year, the firm posted $1.69 earnings per share. Analysts expect that State Street will post 9.68 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the firm’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 sale, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. This represents a 9.76% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,820 shares of company stock worth $1,567,972. Company insiders own 0.29% of the company’s stock.

Institutional Trading of State Street

A hedge fund recently bought a new stake in State Street stock. Brighton Jones LLC bought a new position in shares of State Street Co. (NYSE:STT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Truist Financial decreased their price target on shares of State Street from $89.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 21st. Evercore ISI decreased their price objective on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Bank of America raised their target price on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their target price on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Finally, Wells Fargo & Company reduced their price target on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, State Street presently has a consensus rating of “Hold” and an average price target of $102.15.

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.