The Bank of New York Mellon Corporation (NYSE:BK) Increases Dividend to $0.53 Per Share

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) declared a quarterly dividend on Tuesday, July 15th, RTT News reports. Shareholders of record on Friday, July 25th will be paid a dividend of 0.53 per share by the bank on Thursday, August 7th. This represents a $2.12 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Friday, July 25th. This is a 12.8% increase from Bank of New York Mellon's previous quarterly dividend of $0.47.

Bank of New York Mellon has a payout ratio of 24.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of New York Mellon to earn $7.83 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 24.0%.

Bank of New York Mellon Price Performance

BK traded up $0.27 during midday trading on Wednesday, reaching $95.43. 5,438,118 shares of the company's stock were exchanged, compared to its average volume of 4,139,836. The firm has a market capitalization of $68.27 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. Bank of New York Mellon has a one year low of $60.93 and a one year high of $96.47. The business has a 50-day simple moving average of $90.33 and a two-hundred day simple moving average of $84.93.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.57%. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 earnings per share. As a group, research analysts predict that Bank of New York Mellon will post 6.96 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president owned 55,115 shares of the company's stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

An institutional investor recently bought a new position in Bank of New York Mellon stock. Revolve Wealth Partners LLC purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,858 shares of the bank's stock, valued at approximately $220,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on BK. Citigroup lifted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Truist Financial lifted their target price on shares of Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research note on Wednesday. Finally, Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

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.