The Bank of New York Mellon Corporation (BNY) declared a $0.63 common dividend payable Nov. 9 and distributions for six preferred stock series due Dec. 21, setting payment dates for eligible holders across seven stock groups.
Common shareholders must be listed on the company’s records at the close of business Oct. 26 to qualify. BNY’s Oct. 15 announcement said its board approved dividends on the common stock and six preferred series.
The common rate follows a plan BNY announced in June. The company said it intended to raise the quarterly dividend 19% from $0.53, subject to board approval. Its dividend history records a $0.53 declaration on April 16 and a later declaration at $0.63 on July 15.
CEO Robin Vince said the June proposal reflected “the durability of our ongoing transformation.” His comment referred to the proposed increase in the common dividend; BNY’s Oct. 15 announcement gave no separate rationale for the preferred distributions.
The December-period payments cover noncumulative perpetual preferred stock in Series A, I, K, L, M and N. Each underlying preferred share has a $100,000 liquidation preference. Holders of record Dec. 5 are scheduled to receive payment Dec. 21.
Per underlying share, the declared amounts are $1,219.05 for Series A, $937.50 for Series I, $1,537.50 for Series K, $2,975 for Series L, $1,406.25 for Series M and $2,511.25 for Series N.
The equivalent amount for a Series A Normal Preferred Capital Security of Mellon Capital IV is $12.190512. Per depositary share, the amounts are $9.375000 for Series I, $0.384375 for K, $29.750000 for L, $14.062500 for M and $25.112500 for N. Related securities for Series A, I, L, M and N represent a 1/100th interest in an underlying share; Series K securities represent a 1/4,000th interest. These instruments cover a fraction of the underlying preferred share, so their stated distributions differ from the amounts for a full share.
