The Bank of New York Mellon Corporation (NYSE:BK) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• The Bank of New York Mellon Corporation has received a consensus rating of "Moderate Buy" from analysts, with ten out of sixteen brokerages issuing buy recommendations.
• Shares opened at $106.48, with a market capitalization of $75.09 billion, and the company reported a net margin of 12.27% and a year-over-year revenue increase of 9.4%.
• Bank of New York Mellon has increased its quarterly dividend to $0.53, resulting in an annualized rate of $2.12 and a dividend yield of 2.0%.

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the sixteen brokerages that are currently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $103.4615.

Several brokerages have recently weighed in on BK. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research report on Friday. They set an "outperform" rating and a $125.00 target price on the stock. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research note on Monday, September 29th. Wells Fargo & Company upped 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 note on Wednesday, July 16th. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. Finally, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Bank of New York Mellon in a research note on Saturday, September 27th.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $106.48 on Friday. The firm has a market capitalization of $75.09 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.00 and a beta of 1.13. Bank of New York Mellon has a one year low of $70.46 and a one year high of $110.87. The business has a fifty day simple moving average of $104.60 and a 200 day simple moving average of $92.93. 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 (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share 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 quarter in the previous year, the company earned $1.51 earnings per share. The business's revenue was up 9.4% compared to the same quarter last year. Sell-side analysts expect that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. 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 is presently 32.37%.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated 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 owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.14% of the company's stock.

Institutional Trading of Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the business. Revolve Wealth Partners LLC bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $220,000. Merit Financial Group LLC increased its stake in shares of Bank of New York Mellon by 89.0% in the 1st quarter. Merit Financial Group LLC now owns 13,296 shares of the bank's stock valued at $1,115,000 after buying an additional 6,262 shares during the period. Apella Capital LLC bought a new stake in shares of Bank of New York Mellon during the first quarter worth $257,000. Beacon Financial Group lifted its stake in shares of Bank of New York Mellon by 3.9% during the first quarter. Beacon Financial Group now owns 17,693 shares of the bank's stock valued at $1,484,000 after acquiring an additional 666 shares during the period. Finally, Vest Financial LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at $43,093,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.