Bank of New York Wins Fed Capital Plan (BK)
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…
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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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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
