The Bank of New York Mellon Co. (NYSE:BK) Plans Quarterly Dividend of $0.34

The Bank of New York Mellon Co. (NYSE:BKGet Rating) declared a quarterly dividend on Monday, April 18th, RTT News reports. Stockholders of record on Thursday, April 28th will be paid a dividend of 0.34 per share by the bank on Wednesday, May 11th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.88%.

Bank of New York Mellon has a dividend payout ratio of 24.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Bank of New York Mellon to earn $5.60 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 24.3%.

NYSE:BK opened at $47.29 on Monday. The firm’s fifty day moving average price is $52.93 and its 200 day moving average price is $56.52. Bank of New York Mellon has a 1-year low of $45.80 and a 1-year high of $64.63. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.65 and a quick ratio of 0.65. The firm has a market cap of $38.17 billion, a price-to-earnings ratio of 11.40, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12.

Bank of New York Mellon (NYSE:BKGet Rating) last posted its quarterly earnings data on Tuesday, January 18th. The bank reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.02. Bank of New York Mellon had a net margin of 23.26% and a return on equity of 9.51%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.98 billion. During the same period last year, the firm posted $0.96 EPS. As a group, analysts expect that Bank of New York Mellon will post 4.62 earnings per share for the current fiscal year.

BK has been the topic of a number of analyst reports. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $70.00 to $50.00 in a research report on Monday, April 11th. The Goldman Sachs Group lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $68.00 to $60.00 in a research report on Wednesday, March 30th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Bank of New York Mellon from $74.00 to $62.00 in a research report on Thursday, April 7th. Keefe, Bruyette & Woods lowered shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $66.00 to $70.00 in a research report on Tuesday, January 11th. Finally, Credit Suisse Group decreased their target price on shares of Bank of New York Mellon from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, March 21st. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $60.73.

Large investors have recently added to or reduced their stakes in the company. Carroll Investors Inc acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $25,000. First Community Trust NA acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $58,000. Penserra Capital Management LLC raised its stake in Bank of New York Mellon by 15.1% in the 4th quarter. Penserra Capital Management LLC now owns 3,349 shares of the bank’s stock valued at $194,000 after purchasing an additional 440 shares during the last quarter. Oliver Luxxe Assets LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $219,000. Finally, Colony Group LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $226,000. 82.45% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Company Profile (Get Rating)

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, prime brokerage, and data analytics.

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Dividend History for Bank of New York Mellon (NYSE:BK)

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