State Street Co. (NYSE:STT) Declares Quarterly Dividend of $0.76

State Street Co. (NYSE:STT) announced a quarterly dividend on Thursday, February 20th, RTT News reports. Shareholders of record on Tuesday, April 1st will be paid a dividend of 0.76 per share by the asset manager on Friday, April 11th. This represents a $3.04 annualized dividend and a yield of 3.05%.

State Street has increased its dividend by an average of 10.0% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. State Street has a payout ratio of 28.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect State Street to earn $10.72 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 28.4%.

State Street Price Performance

Shares of State Street stock opened at $99.63 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company’s 50-day moving average price is $98.58 and its two-hundred day moving average price is $92.64. State Street has a 52 week low of $70.20 and a 52 week high of $103.00. The stock has a market cap of $28.74 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.04 earnings per share. As a group, sell-side analysts anticipate that State Street will post 9.65 EPS for the current fiscal year.

Insider Activity at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,020 shares of company stock valued at $2,674,661. 0.31% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on STT shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 price objective (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Truist Financial cut their price objective on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Barclays boosted their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a report on Friday, December 20th. Finally, Wells Fargo & Company boosted their price objective on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street has an average rating of “Hold” and an average price target of $100.73.

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.