Brokerages Set The Bank of New York Mellon Co. (NYSE:BK) Price Target at $62.07

Shares of The Bank of New York Mellon Co. (NYSE:BKGet Rating) have received a consensus recommendation of “Hold” from the sixteen brokerages that are currently covering the company, MarketBeat Ratings reports. Eight research analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $62.07.

Several equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Monday, January 10th. Credit Suisse Group decreased their price target on shares of Bank of New York Mellon from $66.00 to $63.00 and set an “outperform” rating on the stock in a research note on Monday, March 21st. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Bank of New York Mellon from $74.00 to $62.00 in a research note on Thursday. Morgan Stanley raised shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $65.00 to $58.00 in a research note on Monday, March 28th. Finally, Barclays increased their price objective on shares of Bank of New York Mellon from $62.00 to $74.00 in a report on Monday, January 3rd.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Bank of New York Mellon by 1.7% in the third quarter. BlackRock Inc. now owns 58,293,459 shares of the bank’s stock valued at $3,021,932,000 after buying an additional 957,284 shares during the period. Invesco Ltd. grew its position in Bank of New York Mellon by 1.8% in the third quarter. Invesco Ltd. now owns 10,807,102 shares of the bank’s stock valued at $560,240,000 after acquiring an additional 193,129 shares in the last quarter. Norges Bank acquired a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $555,083,000. LSV Asset Management grew its position in Bank of New York Mellon by 5.7% in the third quarter. LSV Asset Management now owns 7,414,921 shares of the bank’s stock valued at $384,389,000 after acquiring an additional 402,970 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Bank of New York Mellon by 6.9% in the fourth quarter. Victory Capital Management Inc. now owns 6,994,978 shares of the bank’s stock valued at $406,268,000 after acquiring an additional 448,986 shares in the last quarter. Hedge funds and other institutional investors own 82.45% of the company’s stock.

Shares of NYSE BK opened at $48.34 on Friday. The stock has a market cap of $39.02 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.77 and a beta of 1.12. Bank of New York Mellon has a 52 week low of $45.80 and a 52 week high of $64.63. The company’s 50-day moving average price is $54.29 and its 200 day moving average price is $56.69. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.69.

Bank of New York Mellon (NYSE:BKGet Rating) last released its quarterly earnings results on Tuesday, January 18th. The bank reported $1.04 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.02. Bank of New York Mellon had a net margin of 23.26% and a return on equity of 9.51%. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.98 billion. During the same period last year, the company earned $0.96 EPS. As a group, research analysts expect that Bank of New York Mellon will post 4.55 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 11th. Investors of record on Monday, January 31st were issued a $0.34 dividend. The ex-dividend date of this dividend was Friday, January 28th. This represents a $1.36 annualized dividend and a yield of 2.81%. Bank of New York Mellon’s payout ratio is 32.77%.

Bank of New York Mellon Company Profile (Get Rating)

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, prime brokerage, and data analytics.

Further Reading

Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.