NEW YORK - The Bank of New York Mellon Corporation (NYSE: NYSE:BK) has declared upcoming dividends for both its common and preferred stock, as announced by the financial services giant today. Shareholders of BNY Mellon's common stock are set to receive a quarterly dividend of $0.47 per share, which is scheduled for payment on August 2, 2024, for those holding shares at the close of business on July 22, 2024.
In addition, dividends for several series of noncumulative perpetual preferred stock have been announced, with payments due on September 20, 2024, to record holders as of September 5, 2024. The dividends per share for the preferred stock series range from $925.00 to $2,350.00, with equivalent per depositary share amounts provided for smaller investment units.
BNY Mellon, a longstanding institution with a 240-year history, is a key player in the global financial market. The company boasts a significant role in managing, moving, and securing money across the world. As of June 30, 2024, BNY Mellon reported overseeing assets under custody and/or administration totaling $49.5 trillion and managing another $2.0 trillion in assets.
Employing over 50,000 individuals worldwide, BNY Mellon has been recognized as one of Fortune's World's Most Admired Companies and has earned a spot on Fast Company's Best Workplaces for Innovators list. The company's wide-reaching influence extends to working with the majority of the Fortune 100 companies, nearly all top 100 banks, and a vast number of the top 100 pension plans, emphasizing its integral role in the global financial ecosystem.
This information is based on a press release statement from The Bank of New York Mellon Corporation.
In other recent news, Bank of New York Mellon, now rebranded as BNY, received an upgrade from Keefe, Bruyette & Woods from Market Perform to Outperform, raising the target price to $70.00. This upgrade is based on BNY's significant scale and diversification, as well as strong expense control. The firm also anticipates robust growth for BNY's Market and Wealth Services segment and substantial share buybacks.
In other recent developments, the Federal Reserve's annual stress test indicated that major U.S. banks, including BNY, have sufficient capital to withstand a severe economic downturn. This outcome allows these banks to reveal their capital plans, which may include stock buybacks and dividends.
BNY, the oldest banking institution in the United States, recently rebranded from Bank of New York Mellon. CEO Robin Vince emphasized innovation as a key to the institution's longevity.
Elsewhere, Compañia de Minas Buenaventura S.A.A. has resumed ore treatment operations at its El Brocal processing plant. The company aims to recover suspended ore processing operations and anticipates meeting its third-quarter production targets.
Finally, BofA Securities raised the share price target for BNY following strong Q1 earnings. The bank reported a core EPS of $1.29, surpassing both BofA Securities' and consensus estimates.
InvestingPro Insights
The Bank of New York Mellon Corporation (NYSE: BK) has recently made headlines with its dividend announcements, reflecting a commitment to shareholder returns that is underscored by its impressive track record. With a history of raising dividends, BK has demonstrated fiscal responsibility and shareholder loyalty. Notably, the company has raised its dividend for 13 consecutive years, a trend that aligns with its long-standing reputation in the financial sector. This consistent performance is further highlighted by the fact that BK has maintained dividend payments for an impressive 54 consecutive years, showcasing a reliable income stream for investors.
InvestingPro Data provides a snapshot of the company's financial health and potential for growth. With a market capitalization of $45.97 billion and a P/E ratio of 15.3, which adjusts to a lower 11.93 for the last twelve months as of Q1 2024, BK presents a value proposition for investors looking at near-term earnings potential. This is supported by a PEG ratio of 0.58 for the same period, indicating that the stock may be undervalued relative to its earnings growth. Additionally, the company's dividend yield as of April 25, 2024, stands at a solid 2.73%, making it an attractive option for income-focused investors.
According to InvestingPro Tips, 8 analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook on the company’s financial performance. This optimism is also reflected in the analysts’ predictions that BK will be profitable this year, a sentiment that is affirmed by the company's profitability over the last twelve months. For readers looking to delve deeper into the financial intricacies of BK, more InvestingPro Tips are available, which can be accessed at Investing.com/pro/BK. There, users can find a total of 7 additional tips to guide their investment decisions.
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