State Street Corp. (NYSE:STT) announced a quarterly dividend on Thursday, September 15th. Shareholders of record on Monday, October 3rd will be paid a dividend of 0.38 per share on Monday, October 17th. This represents a $1.52 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend is Thursday, September 29th. This is a boost from State Street Corp.’s previous quarterly dividend of $0.34.
Shares of State Street Corp. (NYSE:STT) opened at 70.62 on Friday. The company has a market capitalization of $27.54 billion, a P/E ratio of 14.41 and a beta of 1.49. The firm has a 50-day moving average of $69.48 and a 200-day moving average of $61.76. State Street Corp. has a 12 month low of $50.60 and a 12 month high of $75.40.
State Street Corp. (NYSE:STT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.26 by $0.20. State Street Corp. had a net margin of 20.19% and a return on equity of 11.22%. The company had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.65 billion. During the same quarter in the previous year, the company earned $1.36 earnings per share. State Street Corp.’s quarterly revenue was down 1.3% on a year-over-year basis. On average, equities analysts predict that State Street Corp. will post $0.02 earnings per share for the current year.
In other State Street Corp. news, EVP Karen C. Keenan sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 30th. The shares were sold at an average price of $70.00, for a total transaction of $525,000.00. Following the completion of the sale, the executive vice president now directly owns 49,547 shares of the company’s stock, valued at $3,468,290. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey N. Carp sold 45,000 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $53.80, for a total transaction of $2,421,000.00. The disclosure for this sale can be found here. Company insiders own 0.64% of the company’s stock.
A number of hedge funds have recently made changes to their positions in STT. Cipher Capital LP acquired a new stake in shares of State Street Corp. during the second quarter worth approximately $1,124,000. BlueMountain Capital Management LLC acquired a new stake in shares of State Street Corp. during the second quarter worth approximately $584,000. Sei Investments Co. boosted its stake in shares of State Street Corp. by 17.2% in the second quarter. Sei Investments Co. now owns 38,710 shares of the company’s stock worth $2,087,000 after buying an additional 5,687 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of State Street Corp. by 115.2% in the second quarter. Janney Montgomery Scott LLC now owns 21,250 shares of the company’s stock worth $1,146,000 after buying an additional 11,377 shares in the last quarter. Finally, National Pension Service boosted its stake in shares of State Street Corp. by 19.1% in the second quarter. National Pension Service now owns 286,702 shares of the company’s stock worth $15,459,000 after buying an additional 46,031 shares in the last quarter. 86.03% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on STT. Barclays PLC reiterated a “buy” rating on shares of State Street Corp. in a research report on Saturday, July 9th. Deutsche Bank AG boosted their price target on shares of State Street Corp. from $66.00 to $67.00 and gave the company a “hold” rating in a research report on Friday, May 27th. Keefe, Bruyette & Woods boosted their price target on shares of State Street Corp. from $54.00 to $58.00 and gave the company an “underperform” rating in a research report on Thursday, July 28th. Credit Suisse Group AG reiterated a “hold” rating on shares of State Street Corp. in a research report on Tuesday, June 28th. Finally, Credit Agricole SA upped their price objective on shares of State Street Corp. from $60.00 to $73.00 and gave the stock an “underperform” rating in a report on Friday. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $70.35.
State Street Corp. Company Profile
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world.
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