The Bank of New York Mellon Corporation (NYSE:BK) Receives $111.86 Average Price Target from Brokerages

The Bank of New York Mellon Corporation (NYSE:BK) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $111.8571.

A number of analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Bank of New York Mellon from $118.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday, December 17th. Evercore ISI upped their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a report on Friday, October 17th. TD Cowen boosted their price objective on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Finally, Truist Financial upped their target price on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a report on Friday, October 17th.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Bank of New York Mellon by 0.7% during the second quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock worth $6,477,206,000 after purchasing an additional 517,081 shares in the last quarter. Geode Capital Management LLC lifted its position in Bank of New York Mellon by 4.3% during the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after purchasing an additional 785,478 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in Bank of New York Mellon by 0.9% during the second quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock valued at $1,439,831,000 after purchasing an additional 139,544 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Bank of New York Mellon by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after buying an additional 2,034,781 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth $1,081,847,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $117.69 on Thursday. The firm’s 50 day moving average is $111.03 and its 200 day moving average is $104.15. The stock has a market capitalization of $82.07 billion, a P/E ratio of 16.98, a PEG ratio of 1.06 and a beta of 1.12. Bank of New York Mellon has a 12 month low of $70.46 and a 12 month high of $119.40. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The business had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. On average, sell-side analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.59%.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.