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

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the company, MarketBeat.com 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 price objective among brokerages that have covered the stock in the last year is $81.00.

Several research firms have commented on BK. The Goldman Sachs Group upped their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Morgan Stanley upgraded shares of Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $82.00 to $94.00 in a research report on Monday. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Barclays lifted their price target on Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, October 14th.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BK. United Advisor Group LLC acquired a new position in shares of Bank of New York Mellon in the third quarter worth $595,000. Principal Financial Group Inc. increased its position in Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after purchasing an additional 14,916 shares during the last quarter. Chase Investment Counsel Corp raised its stake in shares of Bank of New York Mellon by 67.2% during the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after purchasing an additional 33,558 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Bank of New York Mellon by 4.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after buying an additional 421,161 shares during the last quarter. Finally, HighTower Advisors LLC grew its stake in shares of Bank of New York Mellon by 130.1% in the 3rd quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after buying an additional 184,560 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $79.56 on Friday. The company has a market cap of $57.85 billion, a P/E ratio of 17.30, a PEG ratio of 0.92 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The stock’s 50-day moving average is $77.51 and its 200 day moving average is $68.74. Bank of New York Mellon has a 1-year low of $49.73 and a 1-year high of $82.72.

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

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

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.