State Street Corporation (NYSE:STT) Announces Quarterly Dividend of $0.92

Key Points

• State Street announced a quarterly dividend of $0.92 per share, up 9.5% from the previous $0.84 payout. The dividend is payable on October 13 to shareholders of record on October 1, with the ex-dividend date also set for October 1.
• The new dividend implies an annualized yield of about 2.0%, and the company’s payout ratio of 32.3% suggests the dividend remains well covered by earnings. Analysts also expect future coverage to stay strong based on projected earnings.
• State Street recently reported better-than-expected quarterly earnings, posting $2.84 EPS versus the $2.64 consensus and revenue of $3.80 billion, up 15.6% year over year. The stock has also traded near its 52-week high, reflecting strong recent performance.

State Street Corporation (NYSE:STT - Get Free Report) announced a quarterly dividend on Tuesday, July 14th. Investors of record on Thursday, October 1st will be given a dividend of 0.92 per share by the asset manager on Tuesday, October 13th. This represents a c) dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is a 9.5% increase from State Street's previous quarterly dividend of $0.84.

State Street has increased its dividend by an average of 0.1%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 32.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect State Street to earn $14.19 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 23.7%.

State Street Stock Performance

Shares of STT stock opened at $183.78 on Wednesday. State Street has a 12-month low of $101.98 and a 12-month high of $184.59. The business's fifty day simple moving average is $163.73 and its 200-day simple moving average is $143.07. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market cap of $50.87 billion, a PE ratio of 18.64, a PEG ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period last year, the firm posted $2.04 EPS. State Street's revenue was up 15.6% on a year-over-year basis. Analysts expect that State Street will post 12.75 earnings per share for the current fiscal year.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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