The Bank of New York Mellon Co. (BK) To Go Ex-Dividend on July 22nd

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Friday, July 12th, RTT News reports. Investors of record on Monday, July 22nd will be paid a dividend of 0.47 per share by the bank on Friday, August 2nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42.

Bank of New York Mellon has increased its dividend payment by an average of 8.4% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Bank of New York Mellon has a dividend payout ratio of 30.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of New York Mellon to earn $6.16 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 30.5%.

Bank of New York Mellon Trading Down 1.2 %

Shares of BK stock opened at $62.69 on Friday. The business’s fifty day moving average is $59.83 and its 200 day moving average is $57.07. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $65.90. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70. The company has a market capitalization of $46.88 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period last year, the firm earned $1.38 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of New York Mellon will post 5.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BK shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Deutsche Bank Aktiengesellschaft raised their price objective on Bank of New York Mellon from $61.00 to $63.00 and gave the company a “hold” rating in a research note on Monday, July 15th. Bank of America raised their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Evercore ISI raised their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.23.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the sale, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Kurtis R. Kurimsky sold 6,215 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the vice president now owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,858 shares of company stock valued at $2,223,504. 0.14% of the stock is currently owned by corporate insiders.

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.