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.
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