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BNY Mellon increases dividend by 15 percent

NEW YORK (AP) -- Bank of New York Mellon Corp. said Tuesday that it will increase its quarterly dividend by 15 percent.

Its new 15 cents per share dividend is payable on May 7 to shareholders of record as of April 29. That is up from its most recent dividend of 13 cents per share.

BNY Mellon said that the dividend increase and a previously announced $1.35 billion share are part of the company's 2013 capital plan submitted to the Federal Reserve.

The bank also declared several preferred stock dividends on Tuesday for the period ending in June.

BNY Mellon's stock added 21 cents to close at $27.71.