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

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 paid a dividend of 0.42 per share by the bank on Thursday, May 9th. This represents a $1.68 annualized dividend and a dividend yield of 2.94%. The ex-dividend date of this dividend is Thursday, April 25th.

Bank of New York Mellon has increased its dividend by an average of 8.4% per year over the last three years and has increased its dividend every year for the last 13 years. Bank of New York Mellon has a payout ratio of 28.4% indicating that its dividend is sufficiently covered by earnings. 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

Shares of Bank of New York Mellon stock opened at $57.16 on Tuesday. The company has a market cap of $43.03 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.21 and a beta of 1.12. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The business has a 50 day moving average price of $55.79 and a 200-day moving average price of $51.48. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90.

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

Analysts Set New Price Targets

BK has been the subject of a number of research analyst reports. Bank of America increased their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Jefferies Financial Group increased 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 report on Thursday, April 18th. Morgan Stanley increased their price target on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Evercore ISI increased their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Finally, UBS Group increased their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

About Bank of New York Mellon

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.