Brokerages Set The Bank of New York Mellon Co. (NYSE:BK) Price Target at $88.00

Shares of The Bank of New York Mellon Co. (NYSE:BK) have received an average rating of “Moderate Buy” from the fifteen analysts that are presently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $88.00.

A number of research analysts have recently commented on the company. Evercore ISI increased their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research note on Thursday, January 16th. Citigroup lifted their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Truist Financial boosted their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th.

Bank of New York Mellon Stock Up 0.7 %

Shares of NYSE BK opened at $86.97 on Friday. The company has a market cap of $63.23 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 0.97 and a beta of 1.08. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $89.44. The stock has a 50-day moving average price of $82.80 and a two-hundred day moving average price of $76.93.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the company earned $1.28 EPS. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of the company. Blue Trust Inc. raised its position in shares of Bank of New York Mellon by 95.4% in the 3rd quarter. Blue Trust Inc. now owns 1,673 shares of the bank’s stock worth $120,000 after acquiring an additional 817 shares in the last quarter. Foundations Investment Advisors LLC grew its stake in Bank of New York Mellon by 10.8% during the third quarter. Foundations Investment Advisors LLC now owns 9,302 shares of the bank’s stock worth $668,000 after purchasing an additional 909 shares during the period. Sequoia Financial Advisors LLC increased its holdings in Bank of New York Mellon by 186.0% in the third quarter. Sequoia Financial Advisors LLC now owns 50,613 shares of the bank’s stock worth $3,637,000 after purchasing an additional 32,914 shares in the last quarter. Signaturefd LLC lifted its stake in Bank of New York Mellon by 1.1% in the third quarter. Signaturefd LLC now owns 14,386 shares of the bank’s stock valued at $1,034,000 after buying an additional 157 shares during the period. Finally, Eastern Bank bought a new position in shares of Bank of New York Mellon during the 3rd quarter worth approximately $67,000. Institutional investors own 85.31% of the company’s stock.

About Bank of New York Mellon

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.