State Street Co. (STT) To Go Ex-Dividend on April 1st

State Street Co. (NYSE:STT) declared a quarterly dividend on Thursday, February 20th, RTT News reports. Stockholders of record on Tuesday, April 1st will be given a dividend of 0.76 per share by the asset manager on Friday, April 11th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Tuesday, April 1st.

State Street has raised its dividend by an average of 10.0% annually over the last three years and has raised its dividend every year for the last 13 years. State Street has a payout ratio of 28.3% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Down 3.1 %

Shares of STT opened at $88.95 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market cap of $25.66 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 1.11 and a beta of 1.44. The stock has a fifty day moving average price of $95.35 and a two-hundred day moving average price of $94.48. State Street has a 52-week low of $70.20 and a 52-week high of $103.00.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The company’s revenue was up 12.1% on a year-over-year basis. Analysts predict that State Street will post 9.68 EPS for the current fiscal year.

Insider Transactions at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Institutional Trading of State Street

An institutional investor recently bought a new position in State Street stock. Brighton Jones LLC bought a new stake in State Street Co. (NYSE:STT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,012 shares of the asset manager’s stock, valued at approximately $296,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on STT. Truist Financial lowered their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Wells Fargo & Company dropped their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research note on Friday. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research note on Friday, December 20th. Citigroup dropped their target price on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus price target of $101.53.

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.