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

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are currently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $91.31.

Several brokerages have recently commented on BK. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Truist Financial reduced their price target on shares of Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Barclays boosted their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Wells Fargo & Company increased their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a report on Monday, March 3rd. Finally, Bank of America lifted their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, January 16th.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $82.98 on Wednesday. Bank of New York Mellon has a twelve month low of $57.12 and a twelve month high of $90.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The firm has a market cap of $59.57 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 0.97 and a beta of 1.05. The firm’s 50-day simple moving average is $80.82 and its 200-day simple moving average is $80.76.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.29 earnings per share. As a group, research analysts expect that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.27%. Bank of New York Mellon’s payout ratio is presently 30.62%.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the transaction, the executive vice president now directly owns 55,115 shares in the company, valued at approximately $4,355,738.45. The trade was a 35.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total transaction of $437,177.50. Following the completion of the sale, the insider now owns 21,679 shares in the company, valued at $1,680,122.50. This represents a 20.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,114 shares of company stock valued at $7,869,795. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon in the first quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth approximately $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Finally, Cornerstone Planning Group LLC lifted its stake in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after buying an additional 196 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.