The Bank of New York Mellon Co. (NYSE:BK) Receives Consensus Recommendation of “Moderate Buy” from Analysts

The Bank of New York Mellon Co. (NYSE:BKGet Free Report) has received an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $61.15.

Several research firms have issued reports on BK. Jefferies Financial Group increased their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Evercore ISI reiterated an “in-line” rating and issued a $61.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, July 3rd. Morgan Stanley increased their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Finally, Keefe, Bruyette & Woods upgraded Bank of New York Mellon from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $60.00 to $70.00 in a research report on Thursday, June 27th.

Get Our Latest Stock Report on BK

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $60.70 on Thursday. The firm has a market cap of $45.39 billion, a PE ratio of 14.80, a P/E/G ratio of 1.19 and a beta of 1.09. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $60.91. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The business has a 50-day moving average price of $58.95 and a 200 day moving average price of $56.52.

Bank of New York Mellon (NYSE:BKGet Free Report) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the previous year, the business earned $1.13 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. Sell-side analysts predict that Bank of New York Mellon will post 5.47 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Buying and Selling

In related news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the transaction, the executive vice president now owns 100,404 shares in the company, valued at $5,637,684.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,928 shares of company stock worth $6,475,216. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of the company. CGN Advisors LLC raised its stake in shares of Bank of New York Mellon by 19.8% in the second quarter. CGN Advisors LLC now owns 33,539 shares of the bank’s stock valued at $2,009,000 after acquiring an additional 5,550 shares in the last quarter. Olistico Wealth LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $30,000. First Bank & Trust purchased a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $205,000. Fulton Bank N.A. grew its position in shares of Bank of New York Mellon by 25.7% during the second quarter. Fulton Bank N.A. now owns 22,386 shares of the bank’s stock worth $1,341,000 after buying an additional 4,572 shares in the last quarter. Finally, Mather Group LLC. increased its stake in shares of Bank of New York Mellon by 8.1% during the second quarter. Mather Group LLC. now owns 7,985 shares of the bank’s stock worth $460,000 after buying an additional 597 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

(Get Free Report

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.

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

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