State Street Co. (STT) to Issue Quarterly Dividend of $0.76 on April 11th

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, February 20th, RTT News reports. Investors 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 yield of 3.08%. The ex-dividend date is Tuesday, April 1st.

State Street has increased its dividend by an average of 10.0% annually over the last three years and has raised 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 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 0.9 %

NYSE:STT opened at $98.74 on Friday. State Street has a one year low of $70.20 and a one year high of $103.00. 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 company’s 50-day simple moving average is $98.55 and its 200 day simple moving average is $92.79. The firm has a market capitalization of $28.48 billion, a P/E ratio of 11.98, a PEG ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for 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%. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 earnings per share. As a group, analysts forecast that State Street will post 9.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Barclays increased their price objective on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial lowered their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus price target of $100.73.

Insider Activity at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction 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 completion of the transaction, the director now owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,020 shares of company stock valued at $2,674,661. Corporate insiders own 0.31% of the company’s stock.

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.