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

Shares of The Bank of New York Mellon Co. (NYSE:BK) have received a consensus recommendation of “Moderate Buy” from the fifteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $89.71.

Several equities analysts have recently commented on BK shares. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Citigroup boosted their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Truist Financial raised their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th.

Institutional Trading of Bank of New York Mellon

Large investors have recently added to or reduced their stakes in the business. Czech National Bank lifted its position in shares of Bank of New York Mellon by 4.9% during the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after acquiring an additional 7,316 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Bank of New York Mellon by 130.1% in the 3rd quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after purchasing an additional 184,560 shares during the period. Primecap Management Co. CA increased its stake in Bank of New York Mellon by 1.2% in the 3rd quarter. Primecap Management Co. CA now owns 719,900 shares of the bank’s stock worth $51,732,000 after purchasing an additional 8,400 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new position in Bank of New York Mellon in the 3rd quarter worth about $1,010,000. Finally, Fifth Third Bancorp raised its holdings in Bank of New York Mellon by 9.2% during the 4th quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock worth $7,226,000 after buying an additional 7,935 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

BK opened at $84.76 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The company’s 50-day moving average price is $85.06 and its 200 day moving average price is $79.22. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The firm has a market cap of $60.86 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last announced its quarterly 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 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%. The business’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $1.28 EPS. As a group, sell-side analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm 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. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.22%. Bank of New York Mellon’s payout ratio is currently 32.36%.

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.