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

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, February 20th, RTT News reports. Investors of record on Tuesday, April 1st will be paid 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 yield of 3.05%.

State Street has increased its dividend payment by an average of 10.0% 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 28.0% meaning its dividend is sufficiently covered by earnings. 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

STT traded down $0.18 during trading on Thursday, reaching $99.63. 2,019,695 shares of the company were exchanged, compared to its average volume of 1,978,957. The company’s 50-day moving average is $98.60 and its two-hundred day moving average is $92.59. The company has a market cap of $28.74 billion, a price-to-earnings ratio of 12.09, a P/E/G ratio of 1.12 and a beta of 1.43. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the prior year, the firm posted $2.04 EPS. State Street’s revenue was up 12.1% on a year-over-year basis. Research analysts forecast that State Street will post 9.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on STT. Wells Fargo & Company lifted their target price on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Truist Financial lowered their price target on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Barclays raised their price target on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Morgan Stanley lowered their price target on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Finally, StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. 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 MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $100.73.

Insider Transactions at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,020 shares of company stock valued at $2,674,661. Company insiders own 0.31% of the company’s stock.

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.