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

The Bank of New York Mellon Co. (NYSE:BK) declared a quarterly dividend on Friday, October 11th, RTT News reports. Shareholders of record on Monday, October 21st will be given 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 yield of 2.45%. The ex-dividend date of this dividend is Monday, October 21st.

Bank of New York Mellon has increased its dividend by an average of 8.4% 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 29.1% meaning its dividend is sufficiently covered by earnings. Research 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 Price Performance

BK stock opened at $76.67 on Friday. The stock has a market cap of $57.34 billion, a PE ratio of 17.75, a P/E/G ratio of 1.16 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $41.15 and a 12 month high of $78.03. The company has a 50-day moving average price of $69.81 and a 200 day moving average price of $63.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85.

Analyst Ratings Changes

A number of research analysts have recently commented on BK shares. Morgan Stanley upped their target price on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the stock from $66.00 to $80.00 in a research report on Monday, September 23rd. Citigroup lifted their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Finally, UBS Group boosted their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $76.69.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

About Bank of New York Mellon

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.