Analysts Set The Bank of New York Mellon Co. (NYSE:BK) Target Price at $60.17

The Bank of New York Mellon Co. (NYSE:BK) has earned an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $60.17.

Several brokerages have issued reports on BK. Bank of America upped their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a report on Thursday, April 4th. Jefferies Financial Group raised their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $58.82 on Friday. Bank of New York Mellon has a one year low of $39.66 and a one year high of $60.87. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71. The company has a 50-day simple moving average of $58.03 and a 200-day simple moving average of $55.67. The stock has a market capitalization of $43.99 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.18 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period in the prior year, the business posted $1.13 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, analysts predict that Bank of New York Mellon will post 5.45 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were given a $0.42 dividend. The ex-dividend date was Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.86%. Bank of New York Mellon’s dividend payout ratio is presently 40.98%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the sale, the insider now directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the completion of the transaction, the executive vice president now directly owns 100,404 shares in the company, valued at approximately $5,637,684.60. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock worth $6,475,216 in the last ninety days. 0.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds have recently made changes to their positions in BK. Wetzel Investment Advisors Inc. raised its position in Bank of New York Mellon by 82.1% during the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after buying an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter worth about $28,000. Able Wealth Management LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $32,000. Finally, Hartford Financial Management Inc. boosted its stake in shares of Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after acquiring an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.