Bank Of New York Mellon Boosts Quarterly Dividend By 14%

Bank of New York Mellon Corp BK boosted its quarterly dividend following the release of the Federal Reserve's 2023 bank stress test results.

BK raised the quarterly dividend per share by 14% to $0.42 from $0.37, beginning Q3 2023.

Also, the company plans to continue its previously announced shares buyback authorization programs. 

Robin Vince, President and CEO commented, "Combined with the power and stability of our platforms and demonstrated ability to help clients navigate uncertain markets, resiliency is a commercial attribute and a key differentiator for us. This resiliency also positions us to deliver value for our shareholders, and so we are pleased to announce the company's intention to increase our common dividend while remaining committed to maintaining strong capital ratios."

On June 28, the Federal Reserve notified the company that its preliminary Stress Capital Buffer (SCB) requirement would remain at 2.5%, equivalent to the regulatory floor, effective October 1, 2023, to September 30, 2024.

In April, BK clocked a first-quarter revenue increase of 11% Y/Y to $4.36 billion, almost in line with the consensus of $4.40 billion, and adjusted EPS totaled $1.13, beating the consensus estimate of $1.12.

The financial enterprise's assets under management totaled $1.9 trillion at the quarter's end.

RelatedJPMorgan, Wells Fargo And Morgan Stanley To Pay Higher Dividends After Clearing Fed Stress Test

Price Action: BK shares closed higher by 0.72% at $44.52 on Friday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Ex-Date
ticker
name
Dividend
Yield
Announced
Record
Payable
Posted In: EquitiesLarge CapNewsDividendsMarketsBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!