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

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Wednesday, January 15th,RTT News reports. Shareholders of record on Monday, January 27th will be given 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 yield of 2.48%.

Bank of New York Mellon has raised its dividend by an average of 11.0% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Bank of New York Mellon has a dividend 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 Stock Down 0.2 %

NYSE BK opened at $75.93 on Wednesday. The stock’s 50 day simple moving average is $78.58 and its 200 day simple moving average is $71.94. The firm has a market cap of $55.21 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a one year low of $52.64 and a one year 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 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the business earned $1.28 EPS. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of New York Mellon will post 5.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

BK has been the subject of several recent research reports. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a report on Monday, October 14th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday, October 14th. Truist Financial began coverage on Bank of New York Mellon in a report on Tuesday, January 7th. They issued a “buy” rating and a $91.00 target price on the stock. UBS Group boosted their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Thursday, January 2nd. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $82.64.

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.