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

State Street Co. (NYSE:STT) declared a quarterly dividend on Thursday, February 20th, RTT News reports. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.05%.

State Street has raised its dividend by an average of 10.0% per year 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 28.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect State Street to earn $10.72 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 28.4%.

State Street Price Performance

Shares of STT traded down $0.18 during mid-day trading on Thursday, reaching $99.63. The stock had a trading volume of 2,019,695 shares, compared to its average volume of 1,978,957. The business has a fifty day moving average of $98.60 and a 200 day moving average of $92.59. State Street has a 12 month low of $70.20 and a 12 month high of $103.00. The firm has a market cap of $28.74 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.12 and a beta of 1.43. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business’s revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.04 earnings per share. Equities analysts predict that State Street will post 9.65 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on STT. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. Wells Fargo & Company raised their price objective on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research report on Friday, December 20th. Finally, Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and increased their target price for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $100.73.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,020 shares of company stock valued at $2,674,661 in the last ninety days. 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.