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

Shares of The Bank of New York Mellon Co. (NYSE:BK) have earned an average rating of “Moderate Buy” from the eleven brokerages that are covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $66.14.

A number of research analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a research note on Thursday, August 15th. Barclays raised their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Finally, Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Monday, July 15th.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently modified their holdings of the company. United Services Automobile Association increased its position in shares of Bank of New York Mellon by 6.9% in the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock valued at $1,325,000 after acquiring an additional 1,640 shares during the period. Entropy Technologies LP purchased a new position in shares of Bank of New York Mellon during the first quarter valued at about $1,027,000. QRG Capital Management Inc. increased its position in shares of Bank of New York Mellon by 6.9% during the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock valued at $7,351,000 after buying an additional 8,204 shares during the period. Searle & CO. purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $234,000. Finally, Wakefield Asset Management LLLP purchased a new position in shares of Bank of New York Mellon during the first quarter valued at about $3,740,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.5 %

Shares of BK stock opened at $67.89 on Friday. The company has a 50 day moving average of $63.72 and a 200-day moving average of $59.46. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a 12-month low of $39.66 and a 12-month high of $68.37. The firm has a market cap of $50.77 billion, a P/E ratio of 15.72, a PEG ratio of 1.18 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter last year, the business posted $1.38 EPS. Bank of New York Mellon’s quarterly revenue was up 2.1% compared to the same quarter last year. Sell-side analysts anticipate that Bank of New York Mellon will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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.