The Bank of New York Mellon Co. (NYSE:BK) Receives $66.14 Average PT from Brokerages

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

A number of analysts recently weighed in on BK shares. Evercore ISI upped their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft increased their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Finally, Morgan Stanley increased their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th.

Insider Buying and Selling

In other news, VP Hanneke Smits sold 15,000 shares of the company’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 completion of the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Wetzel Investment Advisors Inc. increased its stake in Bank of New York Mellon by 82.1% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after buying an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth about $28,000. Olistico Wealth LLC purchased a new position in Bank of New York Mellon during the second quarter worth about $30,000. Able Wealth Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at about $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $32,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $68.00 on Friday. 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 52-week low of $39.66 and a 52-week high of $68.54. The firm has a market cap of $50.85 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.09. The company’s 50 day moving average is $64.07 and its two-hundred day moving average is $59.58.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. During the same period last year, the firm earned $1.38 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. On average, research analysts expect that Bank of New York Mellon will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.76%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio 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.