The Bank of New York Mellon Corporation (NYSE: BK) has confirmed that the Federal Reserve did not object to its 2012 comprehensive capital analysis and review. The current plan is to buy back up to $1.16 billion worth of its own common shares. It also plans to continue its $0.13 per share dividend each quarter in the coming year. Shares closed up 2.9% at $23.28 with a 52-week trading range of $17.10 to $30.77. The bank’s current dividend is currently about a 2.3% yield.
The Bank of New York has had the same $0.13 per quarter dividend for the last four consecutive quarters. It had been $0.09 per quarter during and after the recession, but that dividend went up to $0.24 before it was forced to cut its dividend.
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
