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

The Bank of New York Mellon Co. (NYSE:BK) announced 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 dividend on an annualized basis and a dividend yield of 2.29%.

Bank of New York Mellon has raised its dividend payment by an average of 11.0% 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 25.3% meaning 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 7.9 %

Shares of Bank of New York Mellon stock opened at $81.95 on Thursday. 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 fifty day moving average of $78.58 and a 200 day moving average of $71.94. The company has a market capitalization of $59.58 billion, a P/E ratio of 17.82, a P/E/G ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $82.72.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on BK shares. Barclays lifted their price objective on shares of Bank of New York Mellon from $86.00 to $102.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. Evercore ISI raised their price objective on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Truist Financial began coverage on Bank of New York Mellon in a research report on Tuesday, January 7th. They issued a “buy” rating and a $91.00 target price on the stock. Finally, The Goldman Sachs Group raised their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.57.

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.