State Street Corp (NYSE:STT) declared a quarterly dividend on Wednesday, May 20th, RTT News reports. Stockholders of record on Wednesday, July 1st will be given a dividend of 0.52 per share by the asset manager on Thursday, July 16th. This represents a $2.08 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Tuesday, June 30th.
State Street has raised its dividend by an average of 560.0% per year over the last three years and has increased its dividend every year for the last 9 years. State Street has a payout ratio of 36.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect State Street to earn $6.14 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 33.9%.
Shares of State Street stock opened at $60.53 on Monday. 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 $21.30 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 1.10 and a beta of 1.52. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.59 and a current ratio of 0.59. The business’s 50 day moving average price is $61.71 and its 200 day moving average price is $67.12.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $1.62 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.27. State Street had a return on equity of 12.36% and a net margin of 19.13%. The firm had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.92 billion. During the same quarter last year, the business posted $1.24 earnings per share. The firm’s revenue was up 4.5% compared to the same quarter last year. On average, analysts predict that State Street will post 6.05 EPS for the current fiscal year.
In other State Street news, CAO Ian Appleyard sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $64.61, for a total transaction of $323,050.00. Following the transaction, the chief accounting officer now owns 16,859 shares in the company, valued at approximately $1,089,259.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.28% of the company’s stock.
A number of equities analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective on State Street from $65.00 to $63.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 6th. Morgan Stanley lifted their price objective on State Street from $65.00 to $67.00 and gave the company an “underweight” rating in a research note on Thursday. Citigroup dropped their price objective on State Street from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, March 31st. Royal Bank of Canada reaffirmed a “hold” rating and issued a $70.00 price objective on shares of State Street in a research note on Sunday, April 19th. Finally, Bank of America decreased their target price on State Street from $60.00 to $50.00 and set a “buy” rating for the company in a report on Monday, March 23rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $73.81.
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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