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

The Bank of New York Mellon Co. (NYSE:BK) declared a quarterly dividend on Wednesday, January 15th,RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Monday, January 27th.

Bank of New York Mellon has increased its dividend payment by an average of 11.0% per year over the last three years. Bank of New York Mellon has a dividend payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Bank of New York Mellon to earn $7.71 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 24.4%.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $85.82 on Friday. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $86.34. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $62.39 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. The firm’s 50 day simple moving average is $79.38 and its 200 day simple moving average is $72.91.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.28 earnings per share. As a group, analysts expect that Bank of New York Mellon will post 6.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Barclays raised their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Citigroup increased their target price 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. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $88.00.

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.