State Street Co. (NYSE:STT – Get Rating) announced a quarterly dividend on Wednesday, May 18th, RTT News reports. Investors of record on Friday, July 1st will be paid a dividend of 0.57 per share by the asset manager on Monday, July 11th. This represents a $2.28 annualized dividend and a yield of 3.40%.
State Street has raised its dividend payment by an average of 7.0% annually over the last three years and has raised its dividend every year for the last 11 years. State Street has a payout ratio of 23.5% meaning its dividend is sufficiently covered by earnings. Analysts expect State Street to earn $9.88 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 23.1%.
Shares of NYSE STT traded down $2.69 during trading on Wednesday, reaching $66.97. 2,916,841 shares of the company traded hands, compared to its average volume of 2,584,183. The firm has a 50 day simple moving average of $78.87 and a 200-day simple moving average of $89.07. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $24.59 billion, a PE ratio of 9.44, a P/E/G ratio of 1.10 and a beta of 1.61. State Street has a 52-week low of $65.80 and a 52-week high of $104.87.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in STT. Covestor Ltd raised its position in shares of State Street by 69.2% during the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock valued at $50,000 after buying an additional 234 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $67,000. Center for Financial Planning Inc. bought a new stake in shares of State Street during the third quarter valued at approximately $68,000. Belpointe Asset Management LLC raised its position in shares of State Street by 10.2% during the fourth quarter. Belpointe Asset Management LLC now owns 2,198 shares of the asset manager’s stock valued at $204,000 after buying an additional 204 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of State Street during the fourth quarter valued at approximately $207,000. Institutional investors own 91.48% of the company’s stock.
A number of brokerages have recently issued reports on STT. Credit Suisse Group dropped their price target on shares of State Street from $106.00 to $90.00 and set a “neutral” rating on the stock in a report on Monday, April 18th. Zacks Investment Research cut shares of State Street from a “buy” rating to a “hold” rating and set a $99.00 price objective on the stock. in a research note on Friday, January 21st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of State Street from $113.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, April 18th. Citigroup cut shares of State Street from a “buy” rating to a “neutral” rating in a research note on Monday, April 11th. Finally, Argus upgraded shares of State Street from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research note on Thursday, April 21st. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $102.29.
About State Street (Get Rating)
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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; 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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