State Street Co. (STT) to Issue Quarterly Dividend of $0.76 on July 11th

State Street Co. (NYSE:STT) announced a quarterly dividend on Wednesday, May 14th, RTT News reports. Stockholders of record on Tuesday, July 1st will be given a dividend of 0.76 per share by the asset manager on Friday, July 11th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Tuesday, July 1st.

State Street has increased its dividend by an average of 10.0% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. State Street has a payout ratio of 29.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect State Street to earn $10.76 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 28.3%.

State Street Price Performance

Shares of NYSE STT opened at $98.15 on Friday. The company has a market capitalization of $27.99 billion, a PE ratio of 11.91, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street has a twelve month low of $70.20 and a twelve month high of $103.00. The firm has a fifty day simple moving average of $86.97 and a 200 day simple moving average of $93.77.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. During the same period last year, the company posted $1.69 EPS. On average, sell-side analysts forecast that State Street will post 9.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on STT shares. Evercore ISI cut their price objective on shares of State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Bank of America increased their price target on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Barclays reduced their price target on State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, State Street currently has an average rating of “Hold” and an average price target of $102.15.

Insider Buying and Selling

In related news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,820 shares of company stock worth $1,567,972 in the last quarter. 0.29% of the stock is owned by insiders.

Institutional Investors Weigh In On State Street

A hedge fund recently bought a new stake in State Street stock. Brighton Jones LLC purchased a new position in State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 3,012 shares of the asset manager’s stock, valued at approximately $296,000. Institutional investors own 87.44% of the company’s stock.

State Street Company Profile

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.