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

State Street Co. (NYSE:STT) declared a quarterly dividend on Thursday, December 19th,RTT News reports. Stockholders 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 dividend yield of 3.09%. The ex-dividend date is Thursday, January 2nd.

State Street has increased its dividend payment by an average of 8.3% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. State Street has a payout ratio of 32.4% indicating that its dividend is sufficiently covered by earnings. Equities 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 Performance

Shares of State Street stock opened at $98.28 on Tuesday. The firm has a 50 day simple moving average of $96.42 and a 200 day simple moving average of $87.30. State Street has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market cap of $28.81 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s quarterly revenue was up 21.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.93 earnings per share. Sell-side analysts predict that State Street will post 8.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on STT shares. The Goldman Sachs Group upped their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Barclays lifted their target price 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 downgraded State Street from a “buy” rating to a “hold” rating in a research note on Friday. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $102.00 to $139.00 in a research note on Monday, December 9th. Finally, JPMorgan Chase & Co. raised 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, State Street presently has an average rating of “Hold” and an average target price of $98.36.

Insider Activity

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John Plansky sold 13,859 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 over the last three months. 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.