State Street Corporation (NYSE:STT) Increases Dividend to $0.92 Per Share

State Street Corporation (NYSE:STT) announced a quarterly dividend on Tuesday, July 14th. Investors of record on Thursday, October 1st will be paid a dividend of 0.92 per share by the asset manager on Tuesday, October 13th. This represents a c) dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a 9.5% increase from State Street’s previous quarterly dividend of $0.84.

State Street has increased its dividend payment by an average of 0.1%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 32.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect State Street to earn $14.19 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 23.7%.

State Street Stock Up 3.2%

Shares of STT opened at $183.78 on Wednesday. The firm has a fifty day moving average price of $163.73 and a 200-day moving average price of $143.07. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $50.87 billion, a P/E ratio of 18.64, a P/E/G ratio of 0.92 and a beta of 1.42. State Street has a 12-month low of $101.98 and a 12-month high of $184.59.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the company posted $2.04 earnings per share. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Equities research analysts expect that State Street will post 12.75 earnings per share for the current year.

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.