State Street Co. (NYSE:STT) Raises Dividend to $0.76 Per Share

by · The Markets Daily

State Street Co. (NYSE:STT – Get Free Report) 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 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend is Tuesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.69.

State Street has increased its dividend payment by an average of 8.3% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. State Street has a dividend payout ratio of 33.6% indicating that its dividend is sufficiently covered by earnings. Research 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 Price Performance

STT stock opened at $88.20 on Friday. The firm has a 50-day moving average of $83.69 and a 200 day moving average of $78.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $26.57 billion, a P/E ratio of 16.52, a PEG ratio of 1.44 and a beta of 1.48. State Street has a 1 year low of $62.78 and a 1 year high of $89.49.

State Street (NYSE:STT – Get Free Report) last announced its earnings results on Tuesday, July 16th. The asset manager reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.12. State Street had a return on equity of 11.78% and a net margin of 8.98%. The firm had revenue of $3.19 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same quarter in the prior year, the company earned $2.17 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts forecast that State Street will post 8.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on STT. Barclays boosted their target price on shares of State Street from $102.00 to $103.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Wells Fargo & Company upped their price objective on shares of State Street from $91.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Royal Bank of Canada lifted their target price on shares of State Street from $85.00 to $91.00 and gave the company a “sector perform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods cut their price target on State Street from $88.00 to $84.00 and set a “market perform” rating on the stock in a research note on Thursday, June 27th. Finally, Citigroup increased their target price on State Street from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $89.61.

Check Out Our Latest Research Report on State Street

State Street Company Profile

(Get Free Report)

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.

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