The Bank of New York Mellon Co. (NYSE:BK) Receives Consensus Rating of “Buy” from Brokerages

Shares of The Bank of New York Mellon Co. (NYSE:BK) have received an average rating of “Buy” from the fifteen research firms that are covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $57.47.

A number of equities research analysts have recently weighed in on BK shares. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $57.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, October 25th. Barclays boosted their target price on Bank of New York Mellon from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, October 20th. The Goldman Sachs Group upped their price target on Bank of New York Mellon from $56.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, October 20th. Royal Bank of Canada upped their price target on Bank of New York Mellon from $49.00 to $60.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 20th. Finally, Citigroup upped their target price on Bank of New York Mellon from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, October 22nd.

A number of hedge funds have recently added to or reduced their stakes in the business. Dupont Capital Management Corp increased its stake in shares of Bank of New York Mellon by 18.9% during the second quarter. Dupont Capital Management Corp now owns 29,185 shares of the bank’s stock valued at $1,495,000 after buying an additional 4,641 shares during the period. Shay Capital LLC purchased a new position in shares of Bank of New York Mellon during the second quarter valued at $1,793,000. Fort Pitt Capital Group LLC increased its stake in shares of Bank of New York Mellon by 7.8% during the second quarter. Fort Pitt Capital Group LLC now owns 414,163 shares of the bank’s stock valued at $21,218,000 after buying an additional 30,079 shares during the period. Amundi bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $150,879,000. Finally, Macquarie Group Ltd. lifted its position in Bank of New York Mellon by 45.0% during the second quarter. Macquarie Group Ltd. now owns 77,284 shares of the bank’s stock valued at $3,960,000 after acquiring an additional 23,990 shares during the last quarter. Institutional investors and hedge funds own 82.45% of the company’s stock.

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Shares of NYSE:BK opened at $54.88 on Friday. The company’s fifty day moving average price is $57.22 and its 200-day moving average price is $53.55. The firm has a market capitalization of $45.32 billion, a price-to-earnings ratio of 13.96, a PEG ratio of 2.25 and a beta of 1.16. Bank of New York Mellon has a one year low of $39.46 and a one year high of $60.52. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.68 and a quick ratio of 0.68.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Monday, October 18th. The bank reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.03. The firm had revenue of $4.04 billion for the quarter, compared to analyst estimates of $3.95 billion. Bank of New York Mellon had a net margin of 22.75% and a return on equity of 9.37%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.98 EPS. As a group, equities research analysts expect that Bank of New York Mellon will post 4.16 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 12th. Shareholders of record on Monday, November 1st were paid a $0.34 dividend. The ex-dividend date was Friday, October 29th. This represents a $1.36 dividend on an annualized basis and a yield of 2.48%. Bank of New York Mellon’s payout ratio is 34.61%.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Investment Services and Investment and Wealth Management. The Investment Services and Investment segment includes institutional trust and custody fees, broker-dealer services, corporate trust, depositary receipts, and foreign exchange.

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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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 [email protected]

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