State Street Corporation (NYSE:STT) declared a quarterly dividend on Thursday, December 14th, RTT News reports. Shareholders of record on Tuesday, January 2nd will be given a dividend of 0.42 per share by the asset manager on Wednesday, January 17th. This represents a $1.68 dividend on an annualized basis and a yield of 1.69%.

State Street has raised its dividend payment by an average of 11.1% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. State Street has a payout ratio of 26.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect State Street to earn $6.91 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 24.3%.

State Street (NYSE STT) traded up $1.00 during midday trading on Thursday, reaching $99.18. 2,783,600 shares of the company’s stock were exchanged, compared to its average volume of 1,961,527. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.61. The stock has a market cap of $36,408.75, a P/E ratio of 16.17, a price-to-earnings-growth ratio of 1.67 and a beta of 1.35. State Street has a 1-year low of $74.45 and a 1-year high of $100.90.

State Street (NYSE:STT) last posted its earnings results on Monday, October 23rd. The asset manager reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.10. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. State Street had a net margin of 20.56% and a return on equity of 13.03%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.35 EPS. equities research analysts expect that State Street will post 6.25 earnings per share for the current year.

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada cut their price objective on shares of State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research report on Tuesday. Jefferies Group reaffirmed a “hold” rating and issued a $100.00 price objective on shares of State Street in a research report on Friday, September 15th. Zacks Investment Research raised shares of State Street from a “hold” rating to a “buy” rating and set a $106.00 price objective on the stock in a research report on Tuesday, September 19th. Finally, ValuEngine downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. One analyst has rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $97.60.

In other State Street news, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total transaction of $2,315,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $92.00, for a total transaction of $32,568.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,724 shares of company stock worth $2,659,741. 0.71% of the stock is owned by insiders.

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State Street Company Profile

State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.

Dividend History for State Street (NYSE:STT)

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