The Bank of New York Mellon Co. (NYSE:BK) Receives $60.17 Average Price Target from Analysts

The Bank of New York Mellon Co. (NYSE:BK) has been given an average recommendation of “Moderate Buy” by the nine research firms that are currently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $60.17.

A number of research analysts recently issued reports on BK shares. Evercore ISI lifted their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Citigroup lifted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Bank of America lifted their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Finally, UBS Group lifted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th.

Bank of New York Mellon Trading Down 0.1 %

Shares of NYSE BK opened at $56.46 on Friday. Bank of New York Mellon has a twelve month low of $39.65 and a twelve month high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The stock has a fifty day simple moving average of $56.11 and a 200-day simple moving average of $52.16. The stock has a market capitalization of $42.51 billion, a PE ratio of 13.77, a PEG ratio of 1.23 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.13 earnings per share. On average, equities analysts forecast that Bank of New York Mellon will post 5.43 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.98%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now owns 78,350 shares in the company, valued at approximately $4,299,848. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 98,568 shares of company stock worth $5,459,897. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Bank of New York Mellon by 22.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock worth $11,596,000 after acquiring an additional 40,969 shares in the last quarter. Trust Point Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $310,000. WCG Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the 3rd quarter worth approximately $1,552,000. Meeder Asset Management Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $1,298,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Bank of New York Mellon by 22.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,557,750 shares of the bank’s stock worth $109,088,000 after acquiring an additional 465,229 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.