Analysts Set The Bank of New York Mellon Co. (NYSE:BK) Price Target at $89.50

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been given a consensus recommendation of “Moderate Buy” by the fifteen research firms that are presently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $89.50.

BK has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial upped their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Evercore ISI increased their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a report on Thursday, January 16th.

Bank of New York Mellon Stock Down 0.6 %

Shares of NYSE:BK opened at $83.46 on Tuesday. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The business’s 50-day moving average is $84.88 and its 200-day moving average is $79.02. The company has a market capitalization of $59.92 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the firm earned $1.28 earnings per share. Bank of New York Mellon’s revenue was up 11.2% on a year-over-year basis. Equities research analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Czech National Bank raised its position in Bank of New York Mellon by 4.9% in the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock worth $12,112,000 after purchasing an additional 7,316 shares during the period. HighTower Advisors LLC increased its holdings in shares of Bank of New York Mellon by 130.1% in the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock worth $23,449,000 after buying an additional 184,560 shares during the period. Primecap Management Co. CA lifted its stake in shares of Bank of New York Mellon by 1.2% in the 3rd quarter. Primecap Management Co. CA now owns 719,900 shares of the bank’s stock valued at $51,732,000 after acquiring an additional 8,400 shares during the last quarter. Transamerica Financial Advisors Inc. purchased a new stake in Bank of New York Mellon during the 3rd quarter valued at about $1,010,000. Finally, Fifth Third Bancorp grew its position in Bank of New York Mellon by 9.2% during the 4th quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock worth $7,226,000 after acquiring an additional 7,935 shares during the last quarter. Institutional investors 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.