Brokerages Set The Bank of New York Mellon Co. (NYSE:BK) PT at $60.17

Shares of The Bank of New York Mellon Co. (NYSE:BK) have been assigned a consensus rating of “Moderate Buy” from the nine research firms that are presently covering the firm, MarketBeat Ratings 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 target price among brokerages that have issued ratings on the stock in the last year is $60.17.

A number of brokerages have commented on BK. Bank of America increased 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 research note on Wednesday, April 17th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Morgan Stanley raised their price target 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. Citigroup raised their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, Evercore ISI raised their target price 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.

Insider Activity

In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the sale, the vice president now directly owns 144,721 shares in the company, valued at approximately $8,343,165.65. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the sale, the vice president now owns 144,721 shares in the company, valued at $8,343,165.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,928 shares of company stock worth $6,475,216. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Wetzel Investment Advisors Inc. raised its holdings in Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares during the last quarter. Atlantic Edge Private Wealth Management LLC bought a new position in Bank of New York Mellon during the 4th quarter worth approximately $28,000. Kathleen S. Wright Associates Inc. bought a new position in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Able Wealth Management LLC bought a new position in Bank of New York Mellon during the 4th quarter worth approximately $32,000. Finally, Hartford Financial Management Inc. raised its holdings in 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 purchasing an additional 183 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK opened at $59.09 on Wednesday. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $59.70. The firm has a fifty day simple moving average of $57.08 and a 200 day simple moving average of $53.93. The stock has a market capitalization of $44.19 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.21 and a beta of 1.11. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90.

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

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Stockholders of record on Friday, April 26th were paid a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.84%. Bank of New York Mellon’s payout ratio is currently 40.98%.

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.