The Bank of New York Mellon Co. (NYSE:BK) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of The Bank of New York Mellon Co. (NYSE:BK) have earned an average rating of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $77.08.

A number of research firms have recently weighed in on BK. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Citigroup raised their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft increased their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a report on Monday. Evercore ISI boosted their target price on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. raised their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th.

Bank of New York Mellon Stock Performance

BK stock opened at $77.94 on Wednesday. Bank of New York Mellon has a 1-year low of $45.22 and a 1-year high of $80.29. The business has a 50-day moving average price of $73.16 and a 200 day moving average price of $65.43. The company has a market capitalization of $56.67 billion, a P/E ratio of 16.94, a PEG ratio of 0.90 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. As a group, equities research analysts forecast that Bank of New York Mellon will post 5.82 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.41%. Bank of New York Mellon’s payout ratio is currently 40.87%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares in the company, valued at approximately $5,754,079.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds have recently modified their holdings of the company. Studio Investment Management LLC lifted its position in shares of Bank of New York Mellon by 2.1% during the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after buying an additional 134 shares in the last quarter. Stanley Laman Group Ltd. lifted its holdings in Bank of New York Mellon by 2.2% during the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after purchasing an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC grew its position in shares of Bank of New York Mellon by 2.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after purchasing an additional 137 shares during the period. Frank Rimerman Advisors LLC increased its stake in shares of Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after purchasing an additional 142 shares in the last quarter. Finally, Sigma Planning Corp raised its position in shares of Bank of New York Mellon by 2.7% during the 3rd quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock worth $393,000 after purchasing an additional 143 shares during the last quarter. 85.31% of the stock is 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.