State Street Modestly Lifts Dividend

State Street (NYSE: STT  ) has declared its first dividend for 2013. The company is to pay $0.26 per share of its common stock on April 12 to shareholders of record as of April 1. That represents an 8% increase over the company's previous distribution of $0.24, which it paid in each quarter of 2012.

The company typically adjusts its dividend once per year. For all four quarters of 2011, it paid $0.18, while 2010's quarterly payouts were $0.01 each.

The new dividend annualizes to $1.04 per share. That yields 1.8% at State Street's current stock price of $57.19.

Late last week, the company announced a quarterly payout on its non-cumulative perpetual preferred series C stock. That dividend is $1,312.50 per share, and will be paid on March 15 to stockholders of record as of February 28.