The Bank of New York Mellon Co. (NYSE:BK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been given a consensus recommendation of “Moderate Buy” by the eleven ratings firms that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $65.86.

Several equities analysts have recently issued reports on the company. Jefferies Financial Group lifted their price target on 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. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price on the stock. in a report on Monday, July 15th. Finally, Barclays raised their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Wetzel Investment Advisors Inc. raised its position in Bank of New York Mellon by 82.1% during the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after acquiring an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $28,000. Olistico Wealth LLC bought a new stake in Bank of New York Mellon in the second quarter worth $30,000. Able Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Bank of New York Mellon during the first quarter valued at about $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

BK stock opened at $63.79 on Monday. The company has a 50-day simple moving average of $61.34 and a 200 day simple moving average of $58.13. The company has a market capitalization of $47.70 billion, a P/E ratio of 14.77, a PEG ratio of 1.14 and a beta of 1.09. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a fifty-two week low of $39.66 and a fifty-two week high of $65.90.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company 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 EPS. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. Sell-side analysts predict that Bank of New York Mellon will post 5.6 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.95%. Bank of New York Mellon’s payout ratio is currently 43.52%.

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.