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

The Bank of New York Mellon Co. (NYSE:BK) has been given a consensus rating of “Moderate Buy” by the nine brokerages that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $60.17.

BK has been the subject of several recent analyst reports. Bank of America raised their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Citigroup raised their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. UBS Group lifted their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, January 9th. Morgan Stanley lifted their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Finally, Jefferies Financial Group lifted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th.

Bank of New York Mellon Price Performance

NYSE:BK opened at $56.46 on Friday. Bank of New York Mellon has a one year low of $39.65 and a one year high of $58.28. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71. The stock has a market cap of $42.51 billion, a PE ratio of 13.77, a P/E/G ratio of 1.23 and a beta of 1.12. The stock has a 50 day moving average price of $56.11 and a 200 day moving average price of $52.16.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.13 earnings per share. Equities research analysts expect that Bank of New York Mellon will post 5.43 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s payout ratio is 40.98%.

Insiders Place Their Bets

In other news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at approximately $5,637,684.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 98,568 shares of company stock worth $5,459,897. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wakefield Asset Management LLLP purchased a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $3,740,000. Janney Montgomery Scott LLC raised its holdings in Bank of New York Mellon by 10.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 122,398 shares of the bank’s stock valued at $7,053,000 after acquiring an additional 11,822 shares during the last quarter. Ascent Wealth Partners LLC raised its holdings in Bank of New York Mellon by 1.5% in the 1st quarter. Ascent Wealth Partners LLC now owns 26,544 shares of the bank’s stock valued at $1,529,000 after acquiring an additional 383 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Bank of New York Mellon by 6.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 237,547 shares of the bank’s stock valued at $13,687,000 after acquiring an additional 14,766 shares during the last quarter. Finally, BOK Financial Private Wealth Inc. raised its holdings in Bank of New York Mellon by 64.3% in the 1st quarter. BOK Financial Private Wealth Inc. now owns 1,278 shares of the bank’s stock valued at $74,000 after acquiring an additional 500 shares during the last quarter. Hedge funds and other 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.