Bank of New York Mellon Corporation (NYSE:BNY) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Bank of New York Mellon has a consensus analyst rating of “Moderate Buy”, based on coverage from 13 analysts. The average 12-month price target is about $142.77.
• The company recently posted strong quarterly results, with earnings of $2.25 per share beating estimates and revenue of $5.41 billion topping forecasts. Revenue rose 12.9% year over year.
• BNY also returned cash to shareholders with a quarterly dividend of $0.53 per share, equal to an annualized yield of about 1.4%. Institutional ownership remains high, at 85.31% of shares.

Bank of New York Mellon Corporation (NYSE:BNY - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the thirteen analysts that are presently covering the firm, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $142.7692.

Several research analysts have commented on BNY shares. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an "outperform" rating in a report on Friday, April 17th. Wall Street Zen raised Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. Morgan Stanley boosted their target price on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a research report on Friday, April 17th. Barclays increased their price target on Bank of New York Mellon from $143.00 to $149.00 and gave the company an "overweight" rating in a research note on Friday, April 17th. Finally, Truist Financial raised their price target on Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th.

Bank of New York Mellon Price Performance

BNY stock opened at $146.27 on Monday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. The company's fifty day moving average price is $139.71 and its 200-day moving average price is $127.17. Bank of New York Mellon has a one year low of $91.96 and a one year high of $148.50. The company has a market capitalization of $100.40 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.31. The company had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.14 billion. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. Bank of New York Mellon's quarterly revenue was up 12.9% on a year-over-year basis. During the same period last year, the company posted $1.58 earnings per share. On average, equities analysts anticipate that Bank of New York Mellon will post 8.85 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon's dividend payout ratio is currently 26.27%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the completion of the transaction, the insider owned 17,259 shares in the company, valued at $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Shannon Marie Hobbs sold 297 shares of Bank of New York Mellon stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the transaction, the vice president directly owned 15,206 shares of the company's stock, valued at $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is owned by company insiders.

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Bank of New York Mellon by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock valued at $8,279,525,000 after purchasing an additional 647,847 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock worth $2,283,514,000 after purchasing an additional 19,561,793 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Bank of New York Mellon by 18.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares during the period. Norges Bank bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at approximately $1,398,624,000. Finally, Invesco Ltd. increased its position in shares of Bank of New York Mellon by 8.2% during the 4th quarter. Invesco Ltd. now owns 7,680,429 shares of the bank's stock valued at $891,621,000 after purchasing an additional 578,999 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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