State Street Co. (NYSE:STT) Declares Quarterly Dividend of $0.52

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, December 17th, RTT News reports. Stockholders of record on Monday, January 4th will be given a dividend of 0.52 per share by the asset manager on Tuesday, January 19th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Thursday, December 31st.

State Street has raised its dividend by 37.5% over the last three years and has increased its dividend every year for the last 1 years. State Street has a dividend payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect State Street to earn $6.52 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 31.9%.

Shares of STT opened at $71.94 on Wednesday. State Street has a one year low of $42.10 and a one year high of $85.89. The company has a market cap of $25.38 billion, a P/E ratio of 10.80, a P/E/G ratio of 2.04 and a beta of 1.54. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.50 and a quick ratio of 0.54. The firm has a 50 day simple moving average of $71.21 and a two-hundred day simple moving average of $66.01.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, October 16th. The asset manager reported $1.45 EPS for the quarter, beating the consensus estimate of $1.41 by $0.04. State Street had a net margin of 20.75% and a return on equity of 12.24%. The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the business earned $1.51 earnings per share. The company’s revenue was down 4.1% on a year-over-year basis. On average, analysts expect that State Street will post 6.55 earnings per share for the current fiscal year.

In related news, CEO Francisco Aristeguieta sold 62,183 shares of the business’s stock in a transaction on Monday, October 19th. The shares were sold at an average price of $66.13, for a total value of $4,112,161.79. Following the sale, the chief executive officer now owns 110,582 shares of the company’s stock, valued at $7,312,787.66. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.28% of the company’s stock.

Several research analysts have commented on STT shares. Deutsche Bank Aktiengesellschaft upgraded shares of State Street from a “hold” rating to a “buy” rating and boosted their price objective for the company from $67.00 to $80.00 in a research report on Wednesday, November 11th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $74.00 to $84.00 in a research report on Wednesday, November 18th. UBS Group lowered their price objective on shares of State Street from $64.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, October 6th. Morgan Stanley boosted their target price on shares of State Street from $99.00 to $101.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 16th. Finally, ValuEngine cut shares of State Street from a “hold” rating to a “sell” rating in a research note on Tuesday, December 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $78.25.

About State Street

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.

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Dividend History for State Street (NYSE:STT)

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