Bank of New York Mellon Corp (NYSE:BK) declared a quarterly dividend on Wednesday, July 17th, RTT News reports. Stockholders of record on Monday, July 29th will be paid a dividend of 0.31 per share by the bank on Friday, August 9th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date is Friday, July 26th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.28.
Bank of New York Mellon has increased its dividend by an average of 15.2% annually over the last three years and has increased its dividend every year for the last 6 years. Bank of New York Mellon has a payout ratio of 26.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Bank of New York Mellon to earn $4.25 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 26.4%.
Shares of NYSE BK opened at $44.86 on Friday. The company has a fifty day moving average price of $43.82. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $42.25 billion, a price-to-earnings ratio of 10.66, a price-to-earnings-growth ratio of 1.36 and a beta of 1.04. Bank of New York Mellon has a one year low of $42.13 and a one year high of $54.50.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.07. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.92 billion. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 earnings per share. On average, equities analysts anticipate that Bank of New York Mellon will post 3.93 EPS for the current year.
In related news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $49.43, for a total value of $1,235,750.00. Following the completion of the transaction, the executive vice president now directly owns 93,418 shares in the company, valued at approximately $4,617,651.74. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total transaction of $31,158,748.77. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.
Several equities analysts recently issued reports on BK shares. Zacks Investment Research cut GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Morgan Stanley set a $36.00 price target on ArcBest and gave the company a “hold” rating in a report on Monday, July 8th. UBS Group set a $13.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Wednesday, June 26th. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $46.00 to $47.00 in a report on Thursday. Finally, Royal Bank of Canada restated a “neutral” rating and set a $145.00 target price on shares of Travelers Companies in a report on Thursday, April 18th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $50.45.
Bank of New York Mellon announced that its Board of Directors has approved a stock repurchase program on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to buy up to 9.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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