The Bank of New York Mellon Co. (NYSE:BK) Plans $0.42 Quarterly Dividend

The Bank of New York Mellon Co. (NYSE:BK) declared a quarterly dividend on Tuesday, April 16th, RTT News reports. Investors of record on Friday, April 26th will be given a dividend of 0.42 per share by the bank on Thursday, May 9th. This represents a $1.68 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Thursday, April 25th.

Bank of New York Mellon has raised its dividend by an average of 8.4% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Bank of New York Mellon has a payout ratio of 28.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Bank of New York Mellon to earn $5.92 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 28.4%.

Bank of New York Mellon Stock Performance

NYSE BK opened at $53.99 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon has a 1 year low of $39.65 and a 1 year high of $58.28. The company has a market capitalization of $40.64 billion, a PE ratio of 13.60, a P/E/G ratio of 1.18 and a beta of 1.12. The company has a fifty day moving average of $55.75 and a two-hundred day moving average of $51.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the prior year, the firm posted $1.13 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, analysts expect that Bank of New York Mellon will post 5.33 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently made changes to their positions in the stock. Brown Brothers Harriman & Co. lifted its holdings in shares of Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after acquiring an additional 300 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in shares of Bank of New York Mellon during the 1st quarter valued at $36,000. Coppell Advisory Solutions Corp. acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at $45,000. Pacific Center for Financial Services acquired a new position in shares of Bank of New York Mellon during the 1st quarter valued at $55,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its holdings in shares of Bank of New York Mellon by 90.3% during the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 1,311 shares of the bank’s stock valued at $60,000 after acquiring an additional 622 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Morgan Stanley upgraded shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Citigroup raised their price objective on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Finally, UBS Group raised their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $56.72.

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.