Today, State Street Corp. (STT) announced a 10.8% increase in its quarterly dividend. The new quarterly dividend is 23 cents per share versus 21 cents per share in the same quarter last year. State Street has a history of increasing its dividend every third quarter. The last increase was in the third quarter of this year. The new payout ratio is estimated at 19% based on 2008 estimated earnings of $4.76. The company's 5-year historical average payout ratio is approximately 24%.
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