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

The Bank of New York Mellon Co. (NYSE:BK) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen ratings firms that are covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $89.50.

A number of research analysts have recently commented on the company. Barclays raised their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Evercore ISI upped their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, Citigroup boosted their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $82.47 on Tuesday. The firm has a market cap of $59.21 billion, a PE ratio of 14.19, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $90.34. The firm’s 50-day simple moving average is $84.39 and its 200-day simple moving average is $78.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

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

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.28%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors have recently bought and sold shares of BK. Norges Bank purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at $1,150,462,000. FMR LLC grew its stake in Bank of New York Mellon by 78.6% in 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. Wellington Management Group LLP increased its position in Bank of New York Mellon by 2,707.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after purchasing an additional 3,142,869 shares during the last quarter. Northern Trust Corp raised its stake in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after purchasing an additional 1,526,686 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $90,955,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.