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

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been given an average recommendation of “Moderate Buy” by the fifteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $88.00.

A number of equities analysts have recently commented on the company. Evercore ISI raised their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. Barclays lifted their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Truist Financial increased their target price on shares of 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. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, UBS Group raised their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st.

Bank of New York Mellon Stock Performance

Shares of BK opened at $86.01 on Monday. The company has a market capitalization of $62.53 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 0.98 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $87.70. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a 50 day moving average of $80.17 and a 200 day moving average of $73.77.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. Bank of New York Mellon’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.28 earnings per share. As a group, sell-side analysts forecast that Bank of New York Mellon will post 6.86 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently made changes to their positions in BK. Studio Investment Management LLC increased its position in shares of Bank of New York Mellon by 2.1% during the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after acquiring an additional 134 shares during the period. Stanley Laman Group Ltd. raised its stake in shares of Bank of New York Mellon by 2.2% during the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after acquiring an additional 135 shares in the last quarter. Grove Bank & Trust boosted its position in shares of Bank of New York Mellon by 21.0% in the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC increased its holdings in shares of Bank of New York Mellon by 2.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after acquiring an additional 137 shares in the last quarter. Finally, Valeo Financial Advisors LLC lifted its stake in shares of Bank of New York Mellon by 1.6% during the fourth quarter. Valeo Financial Advisors LLC now owns 9,041 shares of the bank’s stock worth $695,000 after buying an additional 139 shares during the period. 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.