Bank of New York Mellon (NYSE:BK) Earns Buy Rating from Analysts at TD Cowen

Key Points

• Bank of New York Mellon received a "buy" rating from TD Cowen as analysts initiated coverage, indicating positive sentiment towards the bank's stock.
• The company's stock has been rated with a consensus rating of "Moderate Buy", with nine analysts recommending a buy and six advising a hold.
• In its latest earnings report, Bank of New York Mellon reported $1.94 EPS and a 9.4% revenue increase compared to the same quarter last year, exceeding analyst expectations.

Investment analysts at TD Cowen assumed coverage on shares of Bank of New York Mellon (NYSE:BK - Get Free Report) in a research note issued to investors on Thursday. The brokerage set a "buy" rating on the bank's stock.

A number of other analysts also recently weighed in on BK. Evercore ISI increased their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Truist Financial lifted their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a report on Thursday, August 14th. Finally, Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

Bank of New York Mellon Stock Down 0.4%

NYSE BK opened at $108.19 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. Bank of New York Mellon has a 1-year low of $70.41 and a 1-year high of $110.87. The company has a 50 day moving average of $103.35 and a 200-day moving average of $91.65. The company has a market cap of $76.30 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.03 and a beta of 1.14.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.During the same quarter last year, the company posted $1.51 EPS. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities research analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in Bank of New York Mellon during the second quarter worth approximately $1,081,847,000. Nuveen LLC purchased a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $773,627,000. Qube Research & Technologies Ltd purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $135,728,000. GAMMA Investing LLC lifted its holdings in Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after purchasing an additional 1,385,434 shares in the last quarter. Finally, AustralianSuper Pty Ltd purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth about $92,502,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.