State Street Co. (NYSE:STT – Get Free Report) announced a quarterly dividend on Thursday, December 19th,RTT News reports. Investors of record on Thursday, January 2nd will be given a dividend of 0.76 per share by the asset manager on Monday, January 13th. This represents a $3.04 annualized dividend and a yield of 3.10%. The ex-dividend date is Thursday, January 2nd.
State Street has raised 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 32.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect State Street to earn $9.41 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 32.3%.
State Street Stock Up 2.9 %
State Street stock opened at $98.20 on Friday. The firm has a market capitalization of $28.79 billion, a price-to-earnings ratio of 15.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The firm’s fifty day moving average price is $95.56 and its two-hundred day moving average price is $86.05. State Street has a 1-year low of $70.20 and a 1-year high of $101.91. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.91.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on STT. The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Evercore ISI upped their price objective on shares of State Street from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research note on Friday. Wells Fargo & Company upped their target price on State Street from $106.00 to $108.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus price target of $98.36.
Check Out Our Latest Analysis on STT
Insider Transactions at State Street
In other news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Plansky sold 13,859 shares of State Street stock in a transaction on Friday, October 18th. The shares were sold at an average price of $91.32, for a total value of $1,265,603.88. Following the sale, the executive vice president now directly owns 55,108 shares of the company’s stock, valued at $5,032,462.56. This represents a 20.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock valued at $2,499,860 over the last three months. Company insiders own 0.31% 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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