The Bank of New York Mellon Co. (NYSE:BK) Receives $67.86 Consensus Price Target from Brokerages

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been given a consensus recommendation of “Moderate Buy” by the twelve analysts that are currently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $68.88.

BK has been the subject of several recent research reports. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Citigroup increased their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the stock from $66.00 to $80.00 in a report on Monday. The Goldman Sachs Group upped their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Evercore ISI boosted their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of the firm’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 completion of the sale, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently modified their holdings of the business. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $30,000. Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Bank of New York Mellon during the first quarter valued at $32,000. Clearstead Trust LLC purchased a new position in Bank of New York Mellon during the second quarter worth about $32,000. Finally, Family Firm Inc. bought a new position in Bank of New York Mellon in the 2nd quarter worth about $40,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $71.50 on Tuesday. The company’s 50 day moving average price is $66.40 and its two-hundred day moving average price is $61.02. The firm has a market capitalization of $53.47 billion, a P/E ratio of 16.55, a P/E/G ratio of 1.24 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a fifty-two week low of $39.66 and a fifty-two week high of $73.19.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.38 earnings per share. On average, equities analysts forecast that Bank of New York Mellon will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is presently 43.52%.

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.