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

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Tuesday, April 16th, RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date is Thursday, April 25th.

Bank of New York Mellon has raised its dividend by an average of 8.4% annually 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 28.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of New York Mellon to earn $5.92 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 28.4%.

Bank of New York Mellon Stock Down 2.0 %

BK stock opened at $53.99 on Wednesday. Bank of New York Mellon has a 52-week low of $39.65 and a 52-week high of $58.28. The company’s 50 day simple moving average is $55.75 and its 200-day simple moving average is $51.08. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $40.64 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.18 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. The business had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the business earned $1.13 earnings per share. The firm’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of New York Mellon will post 5.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BK. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. UBS Group upped their price objective on shares of 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. Morgan Stanley raised shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Evercore ISI boosted their target price on shares of 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, Citigroup upped their price objective on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $56.72.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now directly owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of BK. Quilter Plc bought a new position in shares of Bank of New York Mellon during the 1st quarter worth about $446,850,000. Brown Brothers Harriman & Co. lifted its holdings in shares of Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after acquiring an additional 300 shares during the period. Sunbelt Securities Inc. bought a new position in shares of Bank of New York Mellon during the 1st quarter worth about $36,000. Coppell Advisory Solutions Corp. bought a new position in shares of Bank of New York Mellon during the 4th quarter worth about $45,000. Finally, Pacific Center for Financial Services bought a new position in Bank of New York Mellon during the 1st quarter valued at about $55,000. 85.31% of the stock is owned by institutional investors.

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.