Brokerages Set The Bank of New York Mellon Co. (NYSE:BK) PT at $91.31

Shares of The Bank of New York Mellon Co. (NYSE:BK) have earned a consensus rating of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $91.31.

A number of analysts have recently issued reports on BK shares. Evercore ISI raised their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a report on Tuesday, April 1st. Citigroup boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Barclays raised their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley reduced their price target on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, April 2nd.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president now directly owns 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. The trade was a 35.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares of the company’s stock, valued at approximately $1,680,122.50. The trade was a 20.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,114 shares of company stock valued at $7,869,795. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently bought and sold shares of the business. FMR LLC grew its position in Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Norges Bank bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at approximately $1,150,462,000. Ameriprise Financial Inc. raised its holdings in Bank of New York Mellon by 0.3% during the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock valued at $908,281,000 after buying an additional 35,413 shares during the period. Northern Trust Corp lifted its position in Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after buying an additional 1,526,686 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock valued at $595,526,000 after purchasing an additional 1,125,493 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

BK stock opened at $85.90 on Wednesday. Bank of New York Mellon has a 52-week low of $57.18 and a 52-week high of $90.34. The firm has a market capitalization of $61.46 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 0.97 and a beta of 1.05. The firm has a 50 day moving average price of $80.67 and a 200-day moving average price of $80.91. 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 Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same period in the previous year, the business earned $1.29 EPS. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities research analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

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.