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 paid 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 2.28%. The ex-dividend date is Monday, January 27th.

Bank of New York Mellon has raised its dividend by an average of 11.0% annually over the last three years and has raised 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. 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 Trading Up 0.3 %

Bank of New York Mellon stock opened at $82.28 on Friday. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $82.72. The firm’s 50-day moving average is $78.65 and its 200-day moving average is $72.01. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $59.83 billion, a P/E ratio of 17.89, a PEG ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate 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 business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities analysts expect that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on BK shares. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Thursday. UBS Group upped 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. The Goldman Sachs Group boosted their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Bank of America lifted their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $87.14.

About Bank of New York Mellon

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.