The Bank of New York Mellon Corporation (NYSE:BK) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of The Bank of New York Mellon Corporation (NYSE:BK) have been given an average rating of “Moderate Buy” by the fourteen brokerages that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $94.38.

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Morgan Stanley increased their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a report on Wednesday, July 16th. Truist Financial raised their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a “hold” rating in a research report on Wednesday, July 16th. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Finally, Evercore ISI raised their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a report on Wednesday, July 2nd.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the transaction, the executive vice president owned 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently added to or reduced their stakes in the company. TrueMark Investments LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter worth about $4,282,000. O Shaughnessy Asset Management LLC grew its holdings in Bank of New York Mellon by 11.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock worth $60,426,000 after purchasing an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after purchasing an additional 50,368 shares in the last quarter. Formidable Asset Management LLC bought a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after purchasing an additional 100,810 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $100.96 on Monday. The company has a market capitalization of $72.23 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 0.98 and a beta of 1.07. The business has a 50 day moving average of $91.96 and a 200 day moving average of $86.10. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. Bank of New York Mellon has a 1-year low of $60.93 and a 1-year high of $101.16.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the business posted $1.51 EPS. The business’s quarterly revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.10%. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.