Bank of New York Mellon Corporation (NYSE:BNY) Receives $138.08 Consensus Price Target from Analysts

Shares of Bank of New York Mellon Corporation (NYSE:BNY) have been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $138.0769.

A number of research firms recently issued reports on BNY. Barclays lifted their target price on Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, April 17th. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. Truist Financial upped their target price on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, April 17th. Finally, Evercore set a $136.00 price target on shares of Bank of New York Mellon in a research note on Friday, April 17th.

Bank of New York Mellon Stock Performance

NYSE:BNY opened at $145.84 on Thursday. The stock has a market capitalization of $100.10 billion, a P/E ratio of 18.07, a P/E/G ratio of 1.05 and a beta of 1.07. The stock has a 50-day moving average price of $136.48 and a 200 day moving average price of $124.62. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. Bank of New York Mellon has a 12-month low of $87.41 and a 12-month high of $146.74.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.31. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.Bank of New York Mellon’s revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.58 EPS. Equities research analysts forecast that Bank of New York Mellon will post 8.78 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were paid a $0.53 dividend. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.5%. Bank of New York Mellon’s dividend payout ratio is presently 26.27%.

Insider Activity at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 5,290 shares of Bank of New York Mellon stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total transaction of $719,545.80. Following the transaction, the insider owned 17,259 shares in the company, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the sale, the executive vice president owned 50,238 shares in the company, valued at approximately $6,857,487. The trade was a 37.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 48,091 shares of company stock valued at $6,568,423. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently modified their holdings of the business. Todd Asset Management LLC raised its holdings in shares of Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock worth $43,069,000 after acquiring an additional 101,142 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Bank of New York Mellon by 53.8% in the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock worth $21,129,000 after acquiring an additional 63,627 shares during the last quarter. Cullen Investment Group LTD. grew its position in shares of Bank of New York Mellon by 1,691.4% in the fourth quarter. Cullen Investment Group LTD. now owns 38,730 shares of the bank’s stock valued at $4,610,000 after purchasing an additional 36,568 shares during the last quarter. First National Bank of Omaha bought a new position in Bank of New York Mellon during the third quarter worth about $3,044,000. Finally, Cibc World Market Inc. increased its holdings in shares of Bank of New York Mellon by 8.6% in the third quarter. Cibc World Market Inc. now owns 130,795 shares of the bank’s stock valued at $14,251,000 after purchasing an additional 10,377 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.