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

The Bank of New York Mellon Co. (NYSE:BK) declared a quarterly dividend on Friday, July 12th, RTT News reports. Shareholders of record on Monday, July 22nd will be given a dividend of 0.47 per share by the bank on Friday, August 2nd. This represents a $1.88 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend is Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42.

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 14 years. Bank of New York Mellon has a payout ratio of 30.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of New York Mellon to earn $6.16 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 30.5%.

Bank of New York Mellon Price Performance

BK opened at $62.69 on Friday. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The business has a fifty day moving average of $59.83 and a 200 day moving average of $57.10. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $65.90. The stock has a market cap of $46.88 billion, a P/E ratio of 14.51, a PEG ratio of 1.12 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.38 earnings per share. As a group, sell-side analysts anticipate that Bank of New York Mellon will post 5.58 EPS for the current year.

Insiders Place Their Bets

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,858 shares of company stock worth $2,223,504. 0.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BK shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Barclays lifted their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, July 15th. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research report on Monday, July 15th. Evercore ISI lifted their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $65.23.

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.