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

The Bank of New York Mellon Co. (NYSE:BK) declared a quarterly dividend on Wednesday, January 15th,RTT News reports. Investors of record on Monday, January 27th will be given a dividend of 0.47 per share by the bank on Friday, February 7th. This represents a $1.88 annualized dividend and a dividend yield of 2.48%.

Bank of New York Mellon has increased its dividend by an average of 11.0% 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 25.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of New York Mellon to earn $6.61 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 28.4%.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $75.93 on Wednesday. The company has a market capitalization of $55.21 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $82.72. The company’s fifty day moving average price is $78.58 and its 200 day moving average price is $71.94. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the business posted $1.28 earnings per share. Bank of New York Mellon’s quarterly revenue was up 11.2% on a year-over-year basis. On average, research analysts predict that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on BK. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Saturday, December 14th. Citigroup raised their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Wells Fargo & Company increased their price target on Bank of New York Mellon from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 2nd. Finally, UBS Group raised their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $82.64.

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.