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

The Bank of New York Mellon Co. (NYSE:BK) declared a quarterly dividend on Tuesday, April 16th, RTT News reports. Investors of record on Friday, April 26th will be given a dividend of 0.42 per share by the bank on Thursday, May 9th. This represents a $1.68 annualized dividend and a 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 increased 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 research 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 Stock Performance

NYSE:BK opened at $57.45 on Wednesday. The firm has a market capitalization of $43.25 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 1.23 and a beta of 1.12. The business’s fifty day moving average price is $55.86 and its 200 day moving average price is $51.58. 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 has a 12 month low of $39.65 and a 12 month high of $58.28.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. Bank of New York Mellon’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.13 earnings per share. On average, sell-side analysts anticipate that Bank of New York Mellon will post 5.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on BK. Bank of America raised their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Morgan Stanley raised their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Royal Bank of Canada reissued a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. UBS Group upped their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Finally, Jefferies Financial Group upped their price objective 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 analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $60.17.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 98,568 shares of company stock valued at $5,459,897. 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.