BOSTON - State Street Corporation (NYSE: NYSE:STT), a major player in financial services for institutional investors, has declared a quarterly cash dividend increase for its common stock. Today, the company announced that the dividend will be $0.76 per share, marking a 10% rise from the previous quarter's $0.69 per share. The increased dividend is scheduled for payment on October 11, 2024, to shareholders on record as of October 1, 2024.
In addition to the common stock dividend, State Street also revealed dividends for several series of non-cumulative perpetual preferred stock. Holders of Series G preferred stock will receive a cash dividend of approximately $0.334375 per depositary share, totaling $1,337.50 per share, payable on September 16, 2024, with a record date of September 3, 2024.
Similarly, Series H preferred stock shareholders are set to receive roughly $20.361600 per depositary share, or $2,036.16 per share, with the same payment and record dates as Series G. Series I preferred stock will follow suit, offering a dividend of about $16.750000 per depositary share, or $1,675.00 per share, also payable on September 16 to shareholders of record by September 3, 2024.
State Street Corporation is recognized as a global authority in providing investment servicing, management, research, and trading. As of June 30, 2024, State Street held $44.3 trillion in assets under custody and/or administration and managed $4.4 trillion in assets. The company has a workforce of approximately 53,000 employees serving over 100 geographic markets.
This announcement is based on a press release statement from State Street Corporation.
InvestingPro Insights
State Street Corporation (NYSE: STT) has made headlines with its recent dividend increase, reflecting a pattern of consistent shareholder returns. An important aspect to consider is the company's long-term commitment to its dividends, which is evidenced by the fact that it has raised its dividend for 13 consecutive years, as noted in one of the InvestingPro Tips. This is a positive signal for investors looking for stable income streams.
Looking at the company's financial health, State Street's market capitalization stands at a robust 25.24 billion USD, with a Price/Earnings (P/E) ratio of 15.64, which is lower than the adjusted P/E ratio for the last twelve months as of Q2 2024, indicating a potentially more attractive valuation in the current period.
Moreover, the company's dividend yield is at a compelling 3.23%, which is particularly appealing for income-focused investors. The firm's financial stability is further supported by a solid operating income margin of 22.06% for the same period. These metrics, sourced from InvestingPro Data, are crucial for investors assessing the company's profitability and value proposition.
Investors looking for more in-depth analysis and additional insights can find a total of 13 InvestingPro Tips available. These tips provide a comprehensive view of State Street's financial performance and market position. For those interested in accessing these exclusive insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking valuable information that can guide investment decisions.
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