State Street Co. (NYSE:STT) Plans Dividend Increase – $0.76 Per Share

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, July 18th, RTT News reports. Stockholders of record on Tuesday, October 1st will be paid 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 an increase from State Street’s previous quarterly dividend of $0.69.

State Street has raised its dividend by an average of 8.3% per year over the last three years and has increased its dividend every year for the last 13 years. State Street has a 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 Stock Up 0.1 %

State Street stock opened at $88.20 on Monday. The company has a market capitalization of $26.57 billion, a PE ratio of 16.52, a PEG ratio of 1.44 and a beta of 1.48. State Street has a 12-month low of $62.78 and a 12-month high of $89.49. The firm’s fifty day moving average is $83.69 and its 200 day moving average is $78.11. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.89.

State Street (NYSE:STT) last announced 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. The firm had revenue of $3.19 billion for the quarter, compared to analyst estimates of $3.15 billion. State Street had a net margin of 8.98% and a return on equity of 11.78%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.17 earnings per share. As a group, sell-side analysts predict that State Street will post 8.15 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on STT shares. Barclays increased their price target on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. The Goldman Sachs Group increased their target price on State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday. Morgan Stanley boosted their price target on shares of State Street from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of State Street from $79.00 to $87.00 and gave the company a “hold” rating in a research note on Monday, September 23rd. Finally, Royal Bank of Canada boosted their target price on shares of State Street from $85.00 to $91.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target 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.