The Bank of New York Mellon Corporation (NYSE:BK) Receives $115.43 Consensus Target Price from Analysts

The Bank of New York Mellon Corporation (NYSE:BK) has been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are presently covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $129.00.

A number of equities analysts recently weighed in on the company. BMO Capital Markets started coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target on the stock. Citigroup lifted their target price on shares of Bank of New York Mellon from $120.00 to $136.00 and gave the stock a “neutral” rating in a research report on Wednesday. The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, TD Cowen lifted their price objective on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th.

Bank of New York Mellon Price Performance

NYSE BK opened at $121.34 on Monday. Bank of New York Mellon has a 1 year low of $70.46 and a 1 year high of $125.89. The business’s fifty day moving average is $115.07 and its two-hundred day moving average is $107.51. The stock has a market capitalization of $84.62 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.16 and a beta of 1.11. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.70 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The business had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. On average, research 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 firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Friday, January 23rd will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is currently 28.61%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently made changes to their positions in BK. Westside Investment Management Inc. increased its stake in Bank of New York Mellon by 78.9% in the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after buying an additional 127 shares during the period. Marquette Asset Management LLC grew its holdings in shares of Bank of New York Mellon by 174.7% during the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after acquiring an additional 166 shares in the last quarter. Hoey Investments Inc. purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at $32,000. Valley Wealth Managers Inc. acquired a new position in shares of Bank of New York Mellon in the third quarter worth $33,000. Finally, GFG Capital LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter worth $36,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.