The Bank of New York Mellon Co. (NYSE:BK) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been given a consensus recommendation of “Moderate Buy” by the thirteen research firms that are currently covering the company, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $81.00.

BK has been the topic of a number of research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. Morgan Stanley raised Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $82.00 to $94.00 in a research report on Monday, December 9th. Evercore ISI upped their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Barclays raised their price objective on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Finally, StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Saturday.

Bank of New York Mellon Price Performance

NYSE BK opened at $78.83 on Friday. Bank of New York Mellon has a one year low of $50.87 and a one year high of $82.72. The stock has a 50-day moving average of $77.82 and a 200 day moving average of $69.03. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $57.32 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.91 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. On average, sell-side analysts forecast that Bank of New York Mellon will post 5.84 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insiders Place Their Bets

In related news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after acquiring an additional 659,096 shares during the last quarter. FMR LLC raised its stake in Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after purchasing an additional 8,512,404 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after purchasing an additional 421,161 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Bank of New York Mellon by 2.2% in the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock worth $490,640,000 after buying an additional 179,503 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Bank of New York Mellon by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after buying an additional 97,286 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.