State Street Corporation (NYSE:STT) Announces Dividend Increase - $0.84 Per Share

State Street Corporation (NYSE:STT - Get Free Report) announced a quarterly dividend on Wednesday, July 16th, RTT News reports. Stockholders of record on Wednesday, October 1st will be given a dividend of 0.84 per share by the asset manager on Tuesday, October 14th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.20%. This is a 10.5% increase from State Street's previous quarterly dividend of $0.76.

State Street has a dividend payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Performance

Shares of STT traded up $3.02 during mid-day trading on Wednesday, reaching $105.03. The company's stock had a trading volume of 4,624,111 shares, compared to its average volume of 2,115,101. State Street has a 1-year low of $72.81 and a 1-year high of $110.97. The stock has a market cap of $29.95 billion, a P/E ratio of 11.76, a PEG ratio of 1.18 and a beta of 1.45. The business has a 50-day simple moving average of $100.75 and a two-hundred day simple moving average of $95.11. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 13.08% and a net margin of 12.59%. The company had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period last year, the firm posted $2.15 earnings per share. The business's revenue was up 2.9% on a year-over-year basis. As a group, equities research analysts anticipate that State Street will post 9.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on STT. Bank of America lifted their price target on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday. Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Cfra Research cut State Street from a "moderate buy" rating to a "hold" rating in a report on Thursday, May 29th. Finally, Evercore ISI lifted their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $110.25.

Insider Activity

In other news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

Hedge Funds Weigh In On State Street

Several hedge funds and other institutional investors have recently modified their holdings of STT. Brighton Jones LLC bought a new stake in State Street during the 4th quarter worth $296,000. NewEdge Advisors LLC grew its position in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after acquiring an additional 5,226 shares during the last quarter. Empowered Funds LLC grew its position in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after acquiring an additional 15,996 shares during the last quarter. Woodline Partners LP grew its position in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock worth $2,182,000 after acquiring an additional 6,767 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after acquiring an additional 918 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

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.

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