5 Best Blue Chip Dividend Stocks to Invest In

2. State Street Corporation (NYSE:STT)

Dividend Yield as of August 26: 3.52%

State Street Corporation (NYSE:STT) is one of the oldest financial services companies, headquartered in Boston. The company has been making dividend payments for the past 24 years while maintaining a 12-year streak of dividend growth. It currently pays a quarterly dividend of $0.63 per share with a dividend yield of 3.52%, as of August 26.

In Q2 2022, State Street Corporation (NYSE:STT) reported a 25% year-over-year growth in its net interest income because of growth in loan balances. At the end of the quarter, the company’s assets under management stood at over $3.5 trillion, with continued inflows in cash. In addition to this, it paid $210 million in dividends to shareholders during the quarter.

Appreciating the company’s relatively sound fundamentals evidenced in Q2, Deutsche Bank raised its price target on State Street Corporation (NYSE:STT) to $74 while maintaining a Hold rating on the shares.

The number of hedge funds tracked by Insider Monkey owning stakes in State Street Corporation (NYSE:STT) grew to 41 in Q2 2022, from 29 in the previous quarter. The collective value of these stakes is over $667.6 million. With over 6 million shares, Harris Associates was the largest stakeholder of the Boston-based company in Q2.