Bank of New York Mellon - BK Stock Forecast, Price & News

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, prime brokerage, and data analytics. This segment also provides trustee, paying agency, fiduciary, escrow and other financial, issuer, and support services for brokers and investors. The Market and Wealth Services segment offers clearing and custody, investment, wealth and retirement solutions, technology and enterprise data management, trading, and prime brokerage services; and clearance and collateral management services. This segment also provides integrated cash management solutions, including payments, foreign exchange, liquidity management, receivables processing and payables management, and trade finance and processing services. The Investment and Wealth Management segment offers investment management strategies and distribution of investment products, investment management, custody, wealth and estate planning, private banking, investment, and information management services. The Other segment engages in the provision of leasing, corporate treasury, derivative and other trading, corporate and bank-owned life insurance, renewable energy investment, and business exit services. It serves central banks and sovereigns, financial institutions, asset managers, insurance companies, corporations, local authorities and high net-worth individuals, and family offices. The company was founded in 1784 and is headquartered in New York, New York.

Analysts Set New Price Targets

Several research analysts have commented on the company. Royal Bank of Canada cut their price objective on Bank of New York Mellon from $56.00 to $49.00 and set a "sector perform" rating on the stock in a research report on Friday, July 1st. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $42.00 to $46.00 and gave the stock a "hold" rating in a research report on Friday, August 12th. Piper Sandler dropped their target price on shares of Bank of New York Mellon from $54.00 to $48.00 and set a "neutral" rating on the stock in a report on Friday, June 24th. JPMorgan Chase & Co. reduced their price objective on Bank of New York Mellon from $51.50 to $46.50 in a research report on Monday, July 11th. Finally, The Goldman Sachs Group cut their price target on Bank of New York Mellon from $51.50 to $45.00 and set a "neutral" rating on the stock in a report on Wednesday, June 29th. Eleven analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $50.73.

Bank of New York Mellon Stock Performance

Shares of BK Stock opened at $45.03 on Wednesday. The firm has a market cap of $36.39 billion, a PE ratio of 11.43, a P/E/G ratio of 1.76 and a beta of 1.12. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.78. Bank of New York Mellon has a 12 month low of $39.78 and a 12 month high of $64.63. The company's fifty day simple moving average is $42.74 and its 200-day simple moving average is $47.52.

Bank of New York Mellon (NYSE:BK - Get Rating) last released its earnings results on Friday, July 15th. The bank reported $1.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.09). The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.17 billion. Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The business's revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the company posted $1.13 earnings per share. Equities research analysts expect that Bank of New York Mellon will post 4.24 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Monday, July 25th were paid a dividend of $0.37 per share. The ex-dividend date was Friday, July 22nd. This represents a $1.48 dividend on an annualized basis and a yield of 3.29%. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.34. Bank of New York Mellon's payout ratio is 37.56%.

Insiders Place Their Bets

In other Bank of New York Mellon news, CEO Thomas P. Gibbons sold 105,062 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $43.24, for a total value of $4,542,880.88. Following the sale, the chief executive officer now directly owns 221,018 shares in the company, valued at approximately $9,556,818.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.08% of the company's stock.