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

State Street Corporation (NYSE:STT) declared a quarterly dividend on Thursday, February 19th. Stockholders of record on Wednesday, April 1st will be paid a dividend of 0.84 per share by the asset manager on Monday, April 13th. This represents a c) annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, April 1st.

State Street has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 13 consecutive years. State Street has a payout ratio of 32.3% indicating that 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 Trading Down 0.3%

Shares of NYSE:STT traded down $0.33 during midday trading on Friday, reaching $127.54. 368,437 shares of the company’s stock were exchanged, compared to its average volume of 2,145,736. The firm’s 50 day simple moving average is $130.08 and its two-hundred day simple moving average is $120.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. The stock has a market cap of $35.62 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.14 and a beta of 1.43. State Street has a fifty-two week low of $72.81 and a fifty-two week high of $137.05.

State Street (NYSE:STT) last posted its earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the company posted $2.60 earnings per share. State Street’s revenue for the quarter was up 7.5% compared to the same quarter last year. As a group, sell-side analysts forecast that State Street will post 9.68 EPS for the current fiscal year.

Institutional Trading of State Street

Hedge funds have recently added to or reduced their stakes in the company. Compound Planning Inc. boosted its holdings in State Street by 47.6% in the fourth quarter. Compound Planning Inc. now owns 7,455 shares of the asset manager’s stock valued at $962,000 after purchasing an additional 2,403 shares in the last quarter. Axxcess Wealth Management LLC purchased a new stake in shares of State Street during the 4th quarter worth approximately $240,000. Corient Private Wealth LLC boosted its holdings in shares of State Street by 48.2% in the 4th quarter. Corient Private Wealth LLC now owns 269,935 shares of the asset manager’s stock valued at $34,824,000 after buying an additional 87,829 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in shares of State Street by 5.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 206,917 shares of the asset manager’s stock valued at $26,694,000 after buying an additional 11,095 shares during the last quarter. Finally, Beacon Pointe Advisors LLC raised its stake in State Street by 25.1% during the 4th quarter. Beacon Pointe Advisors LLC now owns 4,146 shares of the asset manager’s stock worth $535,000 after acquiring an additional 832 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

About State Street

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.