State Street Corp (NYSE:STT) announced a quarterly dividend on Wednesday, May 15th, RTT News reports. Stockholders of record on Monday, July 1st will be given a dividend of 0.47 per share by the asset manager on Tuesday, July 16th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.04%.
State Street has raised its dividend by an average of 20.9% per year over the last three years and has raised its dividend annually for the last 8 consecutive years. State Street has a dividend payout ratio of 24.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect State Street to earn $7.28 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 25.8%.
Shares of STT traded down $0.97 on Wednesday, reaching $61.81. 2,184,444 shares of the stock traded hands, compared to its average volume of 2,556,583. State Street has a 12 month low of $57.87 and a 12 month high of $101.81. The stock has a market cap of $23.58 billion, a PE ratio of 8.56, a P/E/G ratio of 0.92 and a beta of 1.37. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.52.
State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, April 23rd. The asset manager reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. State Street had a return on equity of 13.44% and a net margin of 18.77%. The firm had revenue of $2.93 billion for the quarter, compared to analysts’ expectations of $2.92 billion. During the same period in the prior year, the business posted $1.62 earnings per share. The business’s revenue was down 4.1% compared to the same quarter last year. Equities analysts forecast that State Street will post 6.45 earnings per share for the current fiscal year.
In other State Street news, insider Andrew Erickson sold 861 shares of the stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $69.45, for a total value of $59,796.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Joseph L. Hooley sold 25,000 shares of the stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $70.63, for a total value of $1,765,750.00. The disclosure for this sale can be found here. Insiders have sold 74,389 shares of company stock worth $5,300,338 in the last ninety days. 0.40% of the stock is currently owned by insiders.
STT has been the topic of a number of analyst reports. Deutsche Bank cut State Street from a “buy” rating to a “hold” rating and set a $69.95 price target on the stock. in a research report on Thursday, March 14th. Zacks Investment Research upgraded State Street from a “sell” rating to a “hold” rating in a report on Tuesday, March 12th. Wells Fargo & Co cut State Street from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 22nd. Credit Suisse Group decreased their target price on State Street from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Tuesday, January 22nd. Finally, Goldman Sachs Group cut State Street from a “buy” rating to a “neutral” rating and set a $71.30 target price on the stock. in a report on Tuesday, January 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $82.72.
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State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
Further Reading: Initial Public Offering (IPO)
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