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

Key Points

• The Bank of New York Mellon Corporation has received a consensus rating of "Moderate Buy" from fourteen research firms, with an average 1-year price target of $95.08.
• Shares of BK stock recently traded at $100.91, with a 12-month price range of $65.01 to $104.47 and a market capitalization of $71.17 billion.
• The company announced an increase in its quarterly dividend from $0.47 to $0.53, which indicates a 2.1% yield with a payout ratio of 32.37%.

Shares of The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) have been given an average recommendation of "Moderate Buy" by the fourteen ratings firms that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $95.0769.

Several equities analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price target on 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. Wells Fargo & Company increased their target price 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. Morgan Stanley lifted their price target 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. Truist Financial upped their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a "hold" rating in a research report on Thursday, August 14th. Finally, Evercore ISI lifted their target price on shares of 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.

Bank of New York Mellon Stock Performance

BK stock traded up $0.18 during trading on Friday, hitting $101.92. 411,348 shares of the company traded hands, compared to its average volume of 4,207,882. Bank of New York Mellon has a 1 year low of $65.01 and a 1 year high of $104.47. The company has a market cap of $71.88 billion, a PE ratio of 15.58, a P/E/G ratio of 0.97 and a beta of 1.12. The stock's 50-day simple moving average is $96.00 and its 200 day simple moving average is $88.21. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced 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 firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the firm posted $1.51 earnings per share. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.1%. Bank of New York Mellon's dividend payout ratio is currently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

Several institutional investors and hedge funds have recently bought and sold shares of BK. Westside Investment Management Inc. boosted its position in shares of Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank's stock worth $26,000 after buying an additional 127 shares during the period. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon during the 1st quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $25,000. Parvin Asset Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $25,000. Finally, Hoey Investments Inc. acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $32,000. 85.31% of the stock is currently owned by hedge funds and other 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.