Bank of New York Mellon Corp (BK) to Issue $0.19 Quarterly Dividend
Bank of New York Mellon Corp (NYSE:BK) declared a quarterly dividend on Thursday, April 20th. Stockholders of record on Tuesday, May 2nd will be paid a dividend of 0.19 per share by the bank on Friday, May 12th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.62%.
Bank of New York Mellon Corp has raised its dividend by an average of 7.5% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Bank of New York Mellon Corp has a dividend payout ratio of 22.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Bank of New York Mellon Corp to earn $3.90 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 19.5%.
Bank of New York Mellon Corp (NYSE:BK) opened at 46.86 on Thursday. The stock has a market capitalization of $48.62 billion, a P/E ratio of 14.88 and a beta of 1.32. The stock has a 50 day moving average price of $47.33 and a 200-day moving average price of $46.02. Bank of New York Mellon Corp has a one year low of $35.72 and a one year high of $49.54.
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Bank of New York Mellon Corp (NYSE:BK) last issued its quarterly earnings data on Thursday, April 20th. The bank reported $0.80 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.80. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.83 billion. Bank of New York Mellon Corp had a return on equity of 9.74% and a net margin of 22.64%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.74 earnings per share. Analysts anticipate that Bank of New York Mellon Corp will post $3.48 earnings per share for the current year.
In related news, Vice Chairman Brian T. Shea sold 199,676 shares of the firm’s stock in a transaction dated Wednesday, February 8th. The stock was sold at an average price of $45.07, for a total transaction of $8,999,397.32. Following the transaction, the insider now owns 348,486 shares of the company’s stock, valued at $15,706,264.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 3.40% of the company’s stock.
Several brokerages have issued reports on BK. JPMorgan Chase & Co. lowered Bank of New York Mellon Corp from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $47.50 to $49.00 in a report on Friday, January 6th. Evercore ISI lowered Bank of New York Mellon Corp from a “hold” rating to an “underperform” rating and set a $48.00 price objective on the stock. in a report on Friday, March 3rd. Raymond James Financial, Inc. raised Bank of New York Mellon Corp from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $50.00 to $57.00 in a report on Wednesday, December 28th. Citigroup Inc raised Bank of New York Mellon Corp from an “outperform” rating to a “strong-buy” rating and raised their price objective for the stock from $50.00 to $57.00 in a report on Wednesday, December 28th. They noted that the move was a valuation call. Finally, Barclays PLC raised their price objective on Bank of New York Mellon Corp from $48.00 to $55.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. Bank of New York Mellon Corp has a consensus rating of “Hold” and a consensus price target of $50.92.
About Bank of New York Mellon Corp
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
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