The Bank of New York Mellon Co. (BK) To Go Ex-Dividend on April 25th

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 paid a dividend of 0.42 per share by the bank on Thursday, May 9th. This represents a $1.68 dividend on an annualized basis and a yield of 2.94%. 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 increased its dividend every year for the last 13 years. Bank of New York Mellon has a dividend payout ratio of 28.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of New York Mellon to earn $5.97 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 28.1%.

Bank of New York Mellon Stock Up 1.5 %

Shares of NYSE BK opened at $57.16 on Tuesday. The stock has a market cap of $43.03 billion, a P/E ratio of 13.94, a P/E/G ratio of 1.21 and a beta of 1.12. The firm has a 50 day moving average price of $55.79 and a 200 day moving average price of $51.48. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71. Bank of New York Mellon has a 52-week low of $39.65 and a 52-week high of $58.28.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.13 earnings per share. Analysts expect that Bank of New York Mellon will post 5.42 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BK shares. Bank of America upped their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Citigroup upped their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Jefferies Financial Group boosted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Finally, Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.17.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.14% of the company’s stock.

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.