State Street Co. (STT) To Go Ex-Dividend on January 2nd

State Street Co. (NYSE:STT) declared a quarterly dividend on Thursday, December 19th,RTT News reports. Shareholders 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 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Thursday, January 2nd.

State Street has raised its dividend by an average of 8.3% annually over the last three years and has increased its dividend every year for the last 13 years. State Street has a payout ratio of 32.4% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 0.3 %

NYSE:STT opened at $98.28 on Tuesday. State Street has a one year low of $70.20 and a one year high of $101.91. The business’s 50-day simple moving average is $96.42 and its 200 day simple moving average is $87.30. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $28.81 billion, a price-to-earnings ratio of 15.53, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.19 billion. During the same period last year, the firm posted $1.93 EPS. The company’s revenue for the quarter was up 21.1% on a year-over-year basis. As a group, sell-side analysts predict that State Street will post 8.42 earnings per share for the current fiscal year.

Insider Buying and Selling at State Street

In related news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now 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 worth $2,499,860 over the last ninety days. Company insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on STT. The Goldman Sachs Group upped 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. Deutsche Bank Aktiengesellschaft upped their price target on shares of State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Morgan Stanley raised State Street from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $102.00 to $139.00 in a report on Monday, December 9th. Evercore ISI increased their price target on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $98.36.

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.