The Bank of New York Mellon Co. (NYSE:BK) Given Average Rating of “Moderate Buy” by Brokerages

Shares of The Bank of New York Mellon Co. (NYSE:BK) have received an average recommendation of “Moderate Buy” from the fifteen research firms that are presently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $88.00.

A number of analysts recently commented on the stock. Truist Financial upped their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Citigroup upped their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Bank of America upped their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $86.01 on Monday. The firm has a fifty day moving average of $80.29 and a two-hundred day moving average of $73.97. The stock has a market capitalization of $62.53 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 0.98 and a beta of 1.08. Bank of New York Mellon has a 52 week low of $52.64 and a 52 week high of $87.70. 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 released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the company earned $1.28 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, equities research analysts predict that Bank of New York Mellon will post 6.86 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.19%. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. APG Asset Management N.V. raised its holdings in shares of Bank of New York Mellon by 175.0% in the 2nd quarter. APG Asset Management N.V. now owns 89,732 shares of the bank’s stock valued at $5,014,000 after purchasing an additional 57,100 shares during the period. MBB Public Markets I LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $3,285,000. Mackenzie Financial Corp raised its holdings in Bank of New York Mellon by 1.5% in the 2nd quarter. Mackenzie Financial Corp now owns 93,439 shares of the bank’s stock valued at $5,596,000 after acquiring an additional 1,362 shares during the period. SkyView Investment Advisors LLC raised its holdings in Bank of New York Mellon by 11.6% in the 2nd quarter. SkyView Investment Advisors LLC now owns 9,469 shares of the bank’s stock valued at $567,000 after acquiring an additional 983 shares during the period. Finally, Creative Planning raised its holdings in Bank of New York Mellon by 3.1% in the 2nd quarter. Creative Planning now owns 236,238 shares of the bank’s stock valued at $14,148,000 after acquiring an additional 7,058 shares during the period. 85.31% of the stock is owned by institutional investors.

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.