The Bank of New York Mellon Co. (NYSE:BK) Receives $89.50 Average PT from Brokerages

Shares of The Bank of New York Mellon Co. (NYSE:BK) have received an average rating of “Moderate Buy” from the fifteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $89.50.

A number of research firms have weighed in on BK. Bank of America raised their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. UBS Group increased their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th.

Bank of New York Mellon Stock Performance

Shares of BK opened at $83.91 on Tuesday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a 50-day moving average price of $84.72 and a 200-day moving average price of $78.83. The company has a market cap of $60.24 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. Bank of New York Mellon has a 12-month low of $52.64 and a 12-month high of $90.34.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.28 EPS. As a group, 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 business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.24%. Bank of New York Mellon’s payout ratio is presently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of BK. State Street Corp raised its holdings in Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after buying an additional 659,096 shares during the last quarter. FMR LLC increased its position in shares of Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Norges Bank purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $1,150,462,000. Ameriprise Financial Inc. lifted its position in Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock valued at $908,281,000 after acquiring an additional 35,413 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in 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 valued at $732,468,000 after purchasing an additional 1,526,686 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

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.