Bank of New York Mellon (NYSE:BK) has spiced up its quarterly common stock dividend by several cents. The company has raised its payout by 15% to $0.15 per share, to be paid on May 7 to shareholders of record as of April 29. Previously, the bank had paid $0.13 every quarter since April 2011.

The dividend increase was expected. As required by the Federal Reserve as part of its recent round of bank stress tests, BNY Mellon had to submit a request to boost its payout to the regulator. That request was approved last month.

The new dividend annualizes to $0.60 per share. That yields 2.2% at BNY Mellon's current stock price of $27.71.

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