State Street (NYSE:STT) Reaches New 1-Year High Following Dividend Announcement

Shares of State Street Corporation (NYSE:STT) hit a new 52-week high on Tuesday after the company announced a dividend. The stock traded as high as $183.68 and last traded at $183.6970, with a volume of 237373 shares changing hands. The stock had previously closed at $178.17.

The newly announced dividend which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is currently 34.08%.

Wall Street Analyst Weigh In

STT has been the subject of several recent analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of State Street from $175.00 to $195.00 and gave the stock an “outperform” rating in a report on Thursday, July 9th. The Goldman Sachs Group boosted their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. Wells Fargo & Company lifted their price objective on State Street from $171.00 to $196.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 24th. Finally, Truist Financial boosted their price objective on State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $173.91.

State Street Trading Up 1.8%

The business’s fifty day moving average is $164.44 and its 200 day moving average is $143.46. The firm has a market capitalization of $51.72 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 0.95 and a beta of 1.42. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.04 earnings per share. Equities analysts predict that State Street Corporation will post 12.75 earnings per share for the current year.

Insider Transactions at State Street

In other news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at $9,885,701.06. This represents a 12.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 37,876 shares of company stock worth $5,866,583. Insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On State Street

A number of institutional investors and hedge funds have recently modified their holdings of the company. Nordea Investment Management AB lifted its stake in shares of State Street by 15.4% during the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after buying an additional 377,568 shares during the last quarter. Clean Yield Group boosted its holdings in shares of State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock worth $2,477,000 after buying an additional 18,969 shares during the period. IFM Investors Pty Ltd grew its stake in State Street by 9.7% in the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after buying an additional 7,469 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in State Street in the 4th quarter valued at about $1,959,000. Finally, Heritage Family Offices LLP bought a new position in State Street in the 4th quarter valued at about $1,220,000. 87.44% of the stock is owned by institutional investors.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.