The Bank of New York Mellon Co. (NYSE:BK) to Issue $0.47 Quarterly Dividend

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Monday, April 14th, Wall Street Journal reports. Stockholders of record on Monday, April 21st will be given a dividend of 0.47 per share by the bank on Friday, May 2nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Monday, April 21st.

Bank of New York Mellon has increased its dividend payment by an average of 11.2% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Bank of New York Mellon has a payout ratio of 24.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of New York Mellon to earn $7.83 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 24.0%.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $77.53 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $55.66 billion, a PE ratio of 13.34, a P/E/G ratio of 0.97 and a beta of 1.03. The firm has a fifty day simple moving average of $83.46 and a 200 day simple moving average of $80.28. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $90.34.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same period last year, the company posted $1.29 EPS. The business’s quarterly revenue was up 5.9% on a year-over-year basis. On average, sell-side analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

An institutional investor recently bought a new position in Bank of New York Mellon stock. Revolve Wealth Partners LLC bought a new position in The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,858 shares of the bank’s stock, valued at approximately $220,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on BK shares. Citigroup raised their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Barclays raised their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. UBS Group upped their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Bank of America increased their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Finally, Truist Financial decreased their target price on Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Monday. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.64.

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.