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.
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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