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

The Bank of New York Mellon Co. (NYSE:BK - Get Free Report) declared a quarterly dividend on Wednesday, January 15th,RTT News reports. Shareholders of record on Monday, January 27th will be given a dividend of 0.47 per share by the bank on Friday, February 7th. This represents a $1.88 annualized dividend and a yield of 2.29%.

Bank of New York Mellon has increased its dividend by an average of 11.0% annually over the last three years and has increased its dividend every year for the last 14 years. Bank of New York Mellon has a dividend payout ratio of 25.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of New York Mellon to earn $6.61 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 28.4%.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $6.11 during trading on Wednesday, hitting $82.05. 4,898,614 shares of the company's stock traded hands, compared to its average volume of 3,850,732. The company has a market cap of $59.66 billion, a PE ratio of 17.84, a PEG ratio of 0.91 and a beta of 1.08. The firm's fifty day moving average price is $78.58 and its 200 day moving average price is $71.94. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $82.72. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company's quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.28 earnings per share. Analysts forecast that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BK. Royal Bank of Canada restated a "sector perform" rating and set a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday, November 11th. Wells Fargo & Company raised their price target on Bank of New York Mellon from $81.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 2nd. Keefe, Bruyette & Woods boosted their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $82.64.

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.