State Street Corporation (NYSE:STT – Get Free Report) announced a quarterly dividend on Wednesday, May 20th. Stockholders of record on Wednesday, July 1st will be paid a dividend of 0.84 per share by the asset manager on Monday, July 13th. This represents a c) annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, July 1st.
State Street has raised its dividend payment by an average of 0.1%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. Equities research analysts expect State Street to earn $13.80 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 24.3%.
State Street Trading Up 2.0%
Shares of STT stock opened at $153.91 on Thursday. The company has a 50 day moving average of $138.59 and a 200-day moving average of $130.40. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street has a 12-month low of $94.19 and a 12-month high of $156.18. The firm has a market cap of $42.60 billion, a P/E ratio of 15.61, a PEG ratio of 0.83 and a beta of 1.45.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective for the company in a research note on Monday, April 6th. JPMorgan Chase & Co. lifted their price objective on shares of State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research note on Monday, May 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research note on Monday, April 20th. Finally, Truist Financial lifted their price objective on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $155.77.
Get Our Latest Stock Analysis on STT
State Street Company Profile
State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.
State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.
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