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

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

Bank of New York Mellon has raised its dividend payment by an average of 8.4% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Bank of New York Mellon has a 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 Trading Down 1.4 %

BK opened at $76.67 on Friday. The stock has a market capitalization of $57.34 billion, a PE ratio of 17.75, a P/E/G ratio of 1.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a 12-month low of $41.15 and a 12-month high of $78.03. The firm’s fifty day moving average price is $69.81 and its 200 day moving average price is $63.11.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BK. The Goldman Sachs Group increased their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Monday, October 14th. Citigroup boosted their price target on 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. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.69.

Insider Activity at Bank of New York Mellon

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

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.