The Bank of New York Mellon Co. (BK) To Go Ex-Dividend on October 21st

The Bank of New York Mellon Co. (NYSE:BK) announced a quarterly dividend on Friday, October 11th, RTT News reports. Stockholders of record on Monday, October 21st will be paid a dividend of 0.47 per share by the bank on Friday, November 1st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend is Monday, October 21st.

Bank of New York Mellon has increased its dividend payment by an average of 8.4% per year 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 29.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of New York Mellon to earn $6.37 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 29.5%.

Bank of New York Mellon Stock Down 0.4 %

Shares of NYSE BK opened at $74.15 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The company has a market cap of $55.45 billion, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. Bank of New York Mellon has a 12-month low of $39.66 and a 12-month high of $76.15. The firm’s 50-day simple moving average is $68.37 and its 200 day simple moving average is $62.42.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. On average, research analysts expect that Bank of New York Mellon will post 5.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Evercore ISI upped their target price on shares of 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. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Morgan Stanley raised their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. UBS Group boosted their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, The Goldman Sachs Group boosted their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target of $72.92.

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.