Brokerages Set The Bank of New York Mellon Co. (NYSE:BK) Target Price at $61.15

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been given an average rating of “Moderate Buy” by the ten brokerages that are currently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $61.15.

Several research firms have issued reports on BK. Bank of America upped their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Jefferies Financial Group upped their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Finally, Evercore ISI restated an “in-line” rating and set a $61.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, July 3rd.

Insider Buying and Selling

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The disclosure for this sale can be found here. Insiders sold a total of 115,928 shares of company stock valued at $6,475,216 over the last three months. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of Bank of New York Mellon by 0.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after buying an additional 144,162 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $813,701,000. LSV Asset Management grew its holdings in shares of Bank of New York Mellon by 1.0% during the fourth quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock valued at $383,723,000 after buying an additional 72,880 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Bank of New York Mellon by 3.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock valued at $351,775,000 after buying an additional 223,867 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 5.2 %

Shares of NYSE:BK opened at $64.69 on Thursday. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $64.93. The firm has a fifty day moving average of $59.20 and a 200 day moving average of $56.68. The firm has a market capitalization of $48.38 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 1.25 and a beta of 1.09. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same period in the prior year, the business posted $1.38 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. As a group, research analysts anticipate that Bank of New York Mellon will post 5.47 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.91%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is 40.98%.

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.