The Bank of New York Mellon Corporation (NYSE:BK) Receives $94.38 Consensus Target Price from Brokerages

Shares of The Bank of New York Mellon Corporation (NYSE:BK) have received a consensus rating of “Moderate Buy” from the fourteen analysts that are presently covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $94.38.

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

Bank of New York Mellon Stock Performance

NYSE:BK opened at $99.58 on Monday. Bank of New York Mellon has a 52 week low of $60.93 and a 52 week high of $99.83. The company has a fifty day simple moving average of $91.53 and a two-hundred day simple moving average of $85.68. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a market cap of $71.24 billion, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 0.97 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last posted 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. The business had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The company’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.51 earnings per share. As a group, equities analysts anticipate 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 firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be paid a dividend of $0.53 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon’s payout ratio is currently 28.70%.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction on Tuesday, April 29th. The shares were 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 directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new position in Bank of New York Mellon during the 1st quarter valued at $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon during the 1st quarter valued at $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon during the 4th quarter valued at $25,000. Hoey Investments Inc. acquired a new stake in shares of Bank of New York Mellon during the second quarter worth $32,000. Finally, Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $28,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.