State Street Co. (STT) To Go Ex-Dividend on October 1st

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, July 18th, RTT News reports. Shareholders of record on Tuesday, October 1st will be given a dividend of 0.76 per share by the asset manager on Friday, October 11th. This represents a $3.04 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69.

State Street has increased its dividend payment by an average of 8.3% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. State Street has a dividend payout ratio of 33.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect State Street to earn $8.99 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 33.8%.

State Street Trading Up 0.1 %

Shares of STT opened at $88.20 on Friday. State Street has a 1-year low of $62.78 and a 1-year high of $89.49. The company has a market capitalization of $26.57 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.44 and a beta of 1.48. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The firm’s 50 day simple moving average is $83.69 and its 200 day simple moving average is $78.07.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 16th. The asset manager reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. State Street had a net margin of 8.98% and a return on equity of 11.78%. The firm had revenue of $3.19 billion for the quarter, compared to analysts’ expectations of $3.15 billion. During the same quarter last year, the company posted $2.17 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Sell-side analysts forecast that State Street will post 8.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday. Citigroup increased their price target on shares of State Street from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of State Street from $79.00 to $87.00 and gave the stock a “hold” rating in a report on Monday, September 23rd. Evercore ISI increased their target price on shares of State Street from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $89.61.

About State Street

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.