The Bank of New York Mellon Corporation (NYSE:BK) Receives $91.85 Consensus Price Target from Brokerages

The Bank of New York Mellon Corporation (NYSE:BK - Get Free Report) has received an average recommendation of "Moderate Buy" from the fourteen research firms that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $91.85.

BK has been the subject of several research reports. Morgan Stanley lifted their price target on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating and lifted their price target for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Citigroup boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a research note on Monday, March 3rd.

Insider Activity

In other news, VP Catherine Keating sold 65,473 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the transaction, the vice president now owns 87,542 shares of the company's stock, valued at $6,767,872.02. This represents a 42.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president now directly owns 55,115 shares of the company's stock, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 101,114 shares of company stock valued at $7,869,795 in the last 90 days. 0.14% of the stock is currently owned by insiders.

Institutional Trading of Bank of New York Mellon

A number of institutional investors have recently modified their holdings of BK. Revolve Wealth Partners LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $220,000. Sigma Planning Corp grew its holdings in shares of Bank of New York Mellon by 7.2% during the 4th quarter. Sigma Planning Corp now owns 5,862 shares of the bank's stock worth $450,000 after purchasing an additional 392 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $1,246,000. IFP Advisors Inc grew its holdings in shares of Bank of New York Mellon by 42.4% during the 4th quarter. IFP Advisors Inc now owns 5,196 shares of the bank's stock worth $399,000 after purchasing an additional 1,547 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Bank of New York Mellon by 1,375.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 252,292 shares of the bank's stock worth $19,384,000 after purchasing an additional 235,190 shares during the period. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded up $1.24 during midday trading on Thursday, hitting $91.28. 6,279,061 shares of the stock were exchanged, compared to its average volume of 4,100,671. The stock has a market cap of $65.31 billion, a P/E ratio of 14.87, a PEG ratio of 1.02 and a beta of 1.08. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.81. Bank of New York Mellon has a twelve month low of $59.19 and a twelve month high of $92.64. The company has a 50 day moving average price of $86.88 and a 200-day moving average price of $83.64.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The business's revenue was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.29 EPS. On average, research analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon's dividend payout ratio is currently 30.62%.

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.