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

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, December 19th,RTT News reports. Stockholders of record on Thursday, January 2nd will be given a dividend of 0.76 per share by the asset manager on Monday, January 13th. This represents a $3.04 annualized dividend and a dividend yield of 3.19%.

State Street has increased its dividend payment by an average of 8.3% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. State Street has a dividend payout ratio of 32.4% indicating that 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 Price Performance

Shares of NYSE:STT opened at $95.42 on Friday. The company has a market cap of $27.97 billion, a P/E ratio of 15.07, a PEG ratio of 1.24 and a beta of 1.44. State Street has a 52 week low of $70.20 and a 52 week high of $101.91. The company has a 50-day moving average price of $95.39 and a 200 day moving average price of $85.89. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share 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 business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same period in the previous year, the company posted $1.93 EPS. The company’s revenue was up 21.1% compared to the same quarter last year. Research analysts predict that State Street will post 8.42 earnings per share for the current year.

Insider Buying and Selling at State Street

In other news, EVP John Plansky sold 13,859 shares of State Street stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the business’s 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 completion of the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,460 shares of company stock worth $2,499,860. Insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on STT shares. Wells Fargo & Company boosted their price target on State Street from $106.00 to $108.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Evercore ISI upped their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, State Street presently has an average rating of “Hold” and an average price target of $97.32.

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.