State Street Corporation (STT) To Go Ex-Dividend on July 1st

State Street Corporation (NYSE:STT) announced a quarterly dividend on Wednesday, May 20th. Shareholders 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) dividend on an annualized basis and a 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%per year 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 Stock Performance

Shares of STT stock opened at $153.55 on Friday. The firm has a market capitalization of $42.50 billion, a PE ratio of 15.57, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. The firm has a fifty day simple moving average of $139.21 and a two-hundred day simple moving average of $130.67. The company has a current ratio of 0.57, a quick 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.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.04 EPS. Analysts forecast that State Street will post 12.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Seaport Research Partners restated a “buy” rating and set a $170.00 price target on shares of State Street in a research note on Monday, April 20th. Citigroup boosted their price target on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Truist Financial boosted their price target 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. Morgan Stanley boosted their price target on shares of State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Finally, The Goldman Sachs Group boosted their price target on shares of State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $155.77.

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.