The Bank of New York Mellon Co. (NYSE:BK) Announces Quarterly Dividend of $0.42

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Tuesday, April 16th, RTT News reports. Shareholders of record on Friday, April 26th will be paid a dividend of 0.42 per share by the bank on Thursday, May 9th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Thursday, April 25th.

Bank of New York Mellon has raised its dividend by an average of 8.4% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Bank of New York Mellon has a dividend payout ratio of 28.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of New York Mellon to earn $5.97 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 28.1%.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $57.45 on Wednesday. Bank of New York Mellon has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The business has a 50-day moving average of $55.86 and a two-hundred day moving average of $51.58. The stock has a market capitalization of $43.25 billion, a P/E ratio of 14.01, a P/E/G ratio of 1.23 and a beta of 1.12. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Bank of New York Mellon will post 5.42 EPS for the current fiscal year.

Analyst Ratings Changes

BK has been the subject of several research analyst reports. Bank of America boosted their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. UBS Group boosted their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Citigroup boosted their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Evercore ISI boosted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Finally, Jefferies Financial Group boosted their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.17.

Insider Activity

In other news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 98,568 shares of company stock worth $5,459,897. Company insiders own 0.14% of the company’s stock.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.