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

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Monday, April 14th, Wall Street Journal reports. Shareholders 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 yield of 2.42%. The ex-dividend date of this dividend is Monday, April 21st.

Bank of New York Mellon has raised its dividend 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% indicating that 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 Stock Performance

Shares of BK traded down $0.14 during trading hours on Monday, reaching $77.53. 4,435,327 shares of the company traded hands, compared to its average volume of 3,981,848. The stock has a market capitalization of $55.66 billion, a P/E ratio of 13.34, a P/E/G ratio of 0.97 and a beta of 1.03. 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 business has a fifty day moving average price of $83.63 and a 200-day moving average price of $80.24. Bank of New York Mellon has a 12-month low of $52.64 and a 12-month high of $90.34.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on BK shares. Barclays boosted their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. UBS Group raised their price objective on 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. Citigroup upped their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Bank of America raised their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.64.

Institutional Investors Weigh In On Bank of New York Mellon

A hedge fund recently bought a new stake in Bank of New York Mellon stock. Revolve Wealth Partners LLC acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,858 shares of the bank’s stock, valued at approximately $220,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.