Bank of New York Mellon Corp (NYSE:BK) has earned a consensus rating of “Hold” from the seventeen analysts that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $58.15.
BK has been the subject of a number of research reports. ValuEngine downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, May 2nd. Raymond James downgraded Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a report on Thursday, July 12th. Zacks Investment Research downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Monday, May 21st. Keefe, Bruyette & Woods set a $56.00 target price on Bank of New York Mellon and gave the stock a “hold” rating in a report on Thursday, July 19th. Finally, Vining Sparks reissued a “buy” rating and set a $62.00 target price on shares of Bank of New York Mellon in a report on Monday, July 23rd.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Rowland & Co. Investment Counsel ADV bought a new position in Bank of New York Mellon in the second quarter valued at about $102,000. Quad Cities Investment Group LLC bought a new position in Bank of New York Mellon in the second quarter valued at about $102,000. Centaurus Financial Inc. bought a new position in Bank of New York Mellon in the first quarter valued at about $126,000. Kaizen Advisory LLC grew its position in Bank of New York Mellon by 157.6% in the second quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock valued at $138,000 after acquiring an additional 1,565 shares during the last quarter. Finally, Ostrum Asset Management bought a new position in Bank of New York Mellon in the first quarter valued at about $148,000. Institutional investors own 83.41% of the company’s stock.
Bank of New York Mellon (NYSE:BK) last posted its earnings results on Thursday, July 19th. The bank reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.01. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The company had revenue of $4.14 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter last year, the firm earned $0.88 earnings per share. The company’s revenue was up 4.6% on a year-over-year basis. equities research analysts predict that Bank of New York Mellon will post 4.18 earnings per share for the current fiscal year.
Bank of New York Mellon declared that its Board of Directors has approved a share buyback program on Thursday, June 28th that authorizes the company to repurchase $2.40 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 4.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, August 10th. Investors of record on Tuesday, July 31st were given a $0.28 dividend. The ex-dividend date was Monday, July 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.24. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 31.11%.
About Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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