The Bank of New York Mellon Co. (NYSE:BK) Receives $89.50 Average Target Price from Brokerages

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been assigned a consensus rating of “Moderate Buy” from the fifteen brokerages that are covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month target price among analysts that have covered the stock in the last year is $89.50.

Several analysts recently commented on BK shares. Evercore ISI lifted their price objective 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. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. UBS Group increased their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Truist Financial raised their price objective 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. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $83.91 on Tuesday. The firm’s 50-day moving average price is $84.72 and its 200-day moving average price is $78.83. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $90.34. The company has a market cap of $60.24 billion, a PE ratio of 14.44, a PEG ratio of 0.97 and a beta of 1.06. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the company posted $1.28 earnings per share. As a group, analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently made changes to their positions in BK. State Street Corp raised its stake in Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares during the period. FMR LLC grew its holdings in Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock valued at $1,772,590,000 after buying an additional 3,732,862 shares in the last quarter. Norges Bank bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $1,150,462,000. Ameriprise Financial Inc. lifted its holdings in shares of Bank of New York Mellon by 0.3% in the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock worth $908,281,000 after buying an additional 35,413 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after acquiring an additional 1,526,686 shares during the last quarter. 85.31% of the stock is currently 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.