Sunday, June 23, 2024

BNY Mellon sets dividends for common, preferred stock By Investing.com

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NEW YORK – The Bank of New York Mellon Corporation (NYSE:), a global financial services entity, disclosed on Tuesday its dividend declarations for both common and preferred stockholders.

The company announced a quarterly common stock dividend of $0.42 per share, which is scheduled to be paid on May 9, 2024, to shareholders registered by April 26, 2024. Moreover, dividends on noncumulative perpetual preferred stock, with a liquidation preference of $100,000 per share, for the period ending in June 2024, were declared.

These dividends are due to be paid on June 20, 2024, to stockholders of record as of June 5, 2024.

Specifically, the dividends per share for the preferred stock are as follows: Series A Preferred Stock at $1,574.00, Series H Preferred Stock at $925.00, and Series I Preferred Stock at $937.50. These amounts are equivalent to per-share dividends of $15.739973, $9.250000, and $9.375000, respectively, for each depositary share representing a 1/100th interest in their respective series of preferred stock.

BNY Mellon, with a history spanning 240 years, is a significant player in the financial services industry, offering a range of services including asset custody and administration, asset management, and support to governments, banks, and pension plans. As of March 31, 2024, the company reported overseeing $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

The corporation, which employs over 50,000 people worldwide, is recognized as one of Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Headquartered in New York City, BNY Mellon operates under the corporate brand of The Bank of New York Mellon Corporation.

The information reported is based on a press release statement from BNY Mellon.

InvestingPro Insights

The Bank of New York Mellon Corporation (NYSE:BK) has remained a stalwart in the financial sector, with a recent announcement of its dividend declarations bolstering investor confidence. Reflecting on the company’s financial health and future outlook, InvestingPro data provides a deeper dive into BNY Mellon’s market performance and stability.

InvestingPro data reveals a robust market capitalization of $41.48 billion, indicating the company’s significant presence in the industry. Furthermore, the adjusted P/E ratio over the last twelve months as of Q4 2023 stands at an attractive 10.95, suggesting that the stock might be undervalued relative to its earnings. This is further supported by a PEG ratio of 0.41 for the same period, which may point to potential for growth when considering the price/earnings ratio in relation to earnings growth.

Investors may also take note of BNY Mellon’s dividend yield, which as of early 2024, is at a healthy 2.95%. This is particularly noteworthy as the company has not only maintained but also increased its dividend payments for an impressive 54 consecutive years, as highlighted by one of the InvestingPro Tips. Moreover, the company has experienced a significant price uptick over the last six months, with a total return of 38.73%, underscoring a potentially strong market sentiment towards the stock.

For those seeking further insights, InvestingPro offers additional tips, such as the company’s consistent management strategy of share buybacks and the fact that six analysts have revised their earnings upwards for the upcoming period.

These InvestingPro Tips can be explored in more detail for BNY Mellon at InvestingPro, where users can find a total of 9 tips to guide their investment decisions. Moreover, with the exclusive coupon code PRONEWS24, readers can enjoy an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of real-time data and professional analysis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.



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