The Bank of New York Mellon Corporation (NYSE:BK) Receives Average Rating of “Moderate Buy” from Analysts

Shares of The Bank of New York Mellon Corporation (NYSE:BK) have been given an average rating of “Moderate Buy” by the sixteen analysts that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $111.8571.

Several brokerages have recently issued reports on BK. TD Cowen upped their price target on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research note on Monday, October 20th. BMO Capital Markets assumed coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. Truist Financial raised their target price on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, October 17th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Finally, Evercore ISI increased their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Bank of New York Mellon during the second quarter worth about $1,081,847,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Bank of New York Mellon by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after acquiring an additional 6,119,749 shares during the period. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after acquiring an additional 2,034,781 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Bank of New York Mellon during the second quarter valued at approximately $135,728,000. Finally, Goldman Sachs Group Inc. grew its holdings in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

BK opened at $113.54 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $79.17 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 1.03 and a beta of 1.12. The company’s 50 day simple moving average is $110.05 and its 200-day simple moving average is $103.19. Bank of New York Mellon has a one year low of $70.46 and a one year high of $119.40.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. The firm had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Sell-side analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of New York Mellon’s dividend payout ratio is 30.59%.

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.