Analysts Set The Bank of New York Mellon Co. (NYSE:BK) Price Target at $89.86

Shares of The Bank of New York Mellon Co. (NYSE:BK) have earned an average rating of “Moderate Buy” from the fifteen research firms that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $89.64.

Several research analysts recently issued reports on BK shares. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Morgan Stanley cut their price target on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. Finally, Truist Financial decreased their price objective on Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Monday.

Bank of New York Mellon Price Performance

BK stock opened at $77.53 on Friday. The business has a 50 day simple moving average of $83.46 and a 200-day simple moving average of $80.28. The company has a market capitalization of $55.66 billion, a P/E ratio of 13.34, a PEG ratio of 0.97 and a beta of 1.03. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $90.34. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. During the same period last year, the company earned $1.29 earnings per share. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 2nd. Shareholders of record on Monday, April 21st will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently added to or reduced their stakes in BK. EP Wealth Advisors LLC grew its position in Bank of New York Mellon by 26.6% during the third quarter. EP Wealth Advisors LLC now owns 4,937 shares of the bank’s stock valued at $355,000 after purchasing an additional 1,038 shares in the last quarter. Coldstream Capital Management Inc. raised its holdings in shares of Bank of New York Mellon by 14.3% during the third quarter. Coldstream Capital Management Inc. now owns 13,486 shares of the bank’s stock worth $982,000 after acquiring an additional 1,691 shares in the last quarter. McIlrath & Eck LLC grew its stake in Bank of New York Mellon by 3.8% in the third quarter. McIlrath & Eck LLC now owns 6,860 shares of the bank’s stock valued at $493,000 after purchasing an additional 254 shares in the last quarter. SkyView Investment Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 3.6% during the 3rd quarter. SkyView Investment Advisors LLC now owns 9,814 shares of the bank’s stock valued at $705,000 after buying an additional 345 shares during the last quarter. Finally, World Investment Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at approximately $2,617,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.