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

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Tuesday, April 16th, RTT News reports. Investors 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 dividend on an annualized basis and a dividend yield of 3.08%. 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 increased its dividend every year for the last 13 years. Bank of New York Mellon has a dividend payout ratio of 28.8% meaning its dividend is sufficiently covered by earnings. 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 Up 0.9 %

Shares of NYSE:BK opened at $54.47 on Thursday. The business has a 50-day moving average price of $55.73 and a 200 day moving average price of $51.10. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $41.01 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 1.18 and a beta of 1.12. 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 issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same period last year, the company earned $1.13 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Sell-side analysts expect that Bank of New York Mellon will post 5.33 EPS for the current year.

Wall Street Analyst Weigh In

BK has been the subject of a number of research analyst reports. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Evercore ISI raised their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Bank of America lifted their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group lifted 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, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.17.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Ancora Advisors LLC increased its position in Bank of New York Mellon by 21.7% during the first quarter. Ancora Advisors LLC now owns 3,900 shares of the bank’s stock worth $184,000 after buying an additional 695 shares during the period. Penserra Capital Management LLC increased its position in Bank of New York Mellon by 8.4% during the first quarter. Penserra Capital Management LLC now owns 3,631 shares of the bank’s stock worth $180,000 after buying an additional 282 shares during the period. Clearstead Advisors LLC increased its position in Bank of New York Mellon by 248.8% during the third quarter. Clearstead Advisors LLC now owns 4,242 shares of the bank’s stock worth $163,000 after buying an additional 3,026 shares during the period. First Capital Advisors Group LLC. acquired a new position in Bank of New York Mellon during the second quarter worth approximately $132,000. Finally, Compass Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $119,000. Institutional investors and hedge funds own 85.31% 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.