Brokerages Set The Bank of New York Mellon Corporation (NYSE:BK) Price Target at $96.62

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) has been given a consensus rating of "Moderate Buy" by the fourteen brokerages that are presently covering the company, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $96.6154.

BK has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Citigroup raised their target price 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. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Truist Financial raised their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research note on Thursday, August 14th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in BK. Tiemann Investment Advisors LLC raised its holdings in shares of Bank of New York Mellon by 2.9% during the second quarter. Tiemann Investment Advisors LLC now owns 3,492 shares of the bank's stock worth $318,000 after purchasing an additional 100 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in Bank of New York Mellon by 13.7% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank's stock valued at $75,000 after buying an additional 100 shares in the last quarter. Hemington Wealth Management increased its holdings in Bank of New York Mellon by 6.3% in the second quarter. Hemington Wealth Management now owns 1,730 shares of the bank's stock valued at $157,000 after buying an additional 102 shares in the last quarter. Certuity LLC increased its holdings in Bank of New York Mellon by 1.0% in the second quarter. Certuity LLC now owns 11,081 shares of the bank's stock valued at $1,010,000 after buying an additional 105 shares in the last quarter. Finally, Vestmark Advisory Solutions Inc. increased its holdings in Bank of New York Mellon by 4.0% in the second quarter. Vestmark Advisory Solutions Inc. now owns 2,771 shares of the bank's stock valued at $252,000 after buying an additional 107 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 0.8%

Shares of NYSE BK traded down $0.81 during midday trading on Tuesday, reaching $103.96. 2,737,364 shares of the company's stock traded hands, compared to its average volume of 2,888,954. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock's 50 day simple moving average is $100.35 and its 200-day simple moving average is $90.13. Bank of New York Mellon has a one year low of $66.01 and a one year high of $106.57. The company has a market cap of $73.32 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 0.99 and a beta of 1.14.

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

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon's payout ratio is presently 32.37%.

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.