State Street Corporation (NYSE:STT) Declares $0.84 Quarterly Dividend

State Street Corporation (NYSE:STT) announced a quarterly dividend on Thursday, December 18th. Investors of record on Friday, January 2nd will be given a dividend of 0.84 per share by the asset manager on Monday, January 12th. This represents a c) annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, January 2nd.

State Street has increased its dividend by an average of 0.0%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 32.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect State Street to earn $10.76 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 31.2%.

State Street Stock Performance

Shares of NYSE:STT traded up $0.97 during midday trading on Friday, reaching $128.34. 279,347 shares of the company’s stock traded hands, compared to its average volume of 2,002,222. The company has a market cap of $35.85 billion, a price-to-earnings ratio of 13.57, a P/E/G ratio of 1.18 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59. State Street has a one year low of $72.81 and a one year high of $131.36. The stock has a 50 day moving average of $118.46 and a 200 day moving average of $112.46.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The firm had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter last year, the business posted $2.26 earnings per share. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. As a group, equities research analysts anticipate that State Street will post 9.68 EPS for the current fiscal year.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On State Street

Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. increased its holdings in shares of State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after buying an additional 381,547 shares in the last quarter. Dodge & Cox raised its stake in shares of State Street by 1.1% during the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock worth $788,236,000 after buying an additional 80,855 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of State Street by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after purchasing an additional 27,098 shares during the period. Franklin Resources Inc. boosted its holdings in State Street by 3.7% during the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock worth $447,684,000 after buying an additional 137,049 shares during the last quarter. Finally, Regents of The University of California bought a new position in shares of State Street during the third quarter worth $324,576,000. 87.44% of the stock is owned by institutional investors.

State Street Company Profile

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.