The Bank of New York Mellon Corporation (NYSE:BK) Given Consensus Rating of "Moderate Buy" by Brokerages

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fourteen analysts that are currently covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and eight 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 $94.38.

BK has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Citigroup increased their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. 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 research report on Wednesday, July 2nd. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Truist Financial increased their price objective on Bank of New York Mellon from $97.00 to $100.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the business's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the completion of the sale, the executive vice president owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.14% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in BK. FMR LLC boosted its stake in Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Norges Bank purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $1,150,462,000. Ameriprise Financial Inc. grew its position in shares of Bank of New York Mellon by 1.9% during the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after purchasing an additional 221,613 shares in the last quarter. Northern Trust Corp grew its position in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Bank of New York Mellon in the first quarter worth about $773,627,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Trading Up 0.9%

Shares of Bank of New York Mellon stock opened at $98.81 on Monday. The company has a fifty day simple moving average of $90.84 and a 200-day simple moving average of $85.34. Bank of New York Mellon has a 12-month low of $60.93 and a 12-month high of $99.04. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The stock has a market cap of $70.69 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 0.97 and a beta of 1.07.

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, topping 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 business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. On average, equities analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be paid a dividend of $0.53 per share. The ex-dividend date is Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.15%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is currently 28.70%.

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.

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