Bank of New York Mellon Corporation (NYSE:BNY) Receives Consensus Rating of “Moderate Buy” from Brokerages

Bank of New York Mellon Corporation (NYSE:BNY) has earned an average recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $138.0769.

BNY has been the subject of a number of research reports. Weiss Ratings upgraded shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research report on Monday, May 4th. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a research report on Friday, April 17th. Barclays upped their target price on shares of Bank of New York Mellon from $143.00 to $149.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Royal Bank Of Canada upped their target price on shares of Bank of New York Mellon from $130.00 to $142.00 and gave the stock a “sector perform” rating in a research report on Friday, April 17th. Finally, Evercore set a $136.00 target price on shares of Bank of New York Mellon in a research report on Friday, April 17th.

Bank of New York Mellon Stock Performance

BNY opened at $142.48 on Thursday. The firm has a market cap of $97.80 billion, a P/E ratio of 17.66, a PEG ratio of 1.05 and a beta of 1.07. Bank of New York Mellon has a 1-year low of $87.41 and a 1-year high of $146.45. The company has a 50 day simple moving average of $135.59 and a two-hundred day simple moving average of $124.14. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75.

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

Bank of New York Mellon Dividend Announcement

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

Insider Activity at Bank of New York Mellon

In related news, EVP Alejandro Perez sold 12,504 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the sale, the executive vice president owned 62,613 shares of the company’s stock, valued at $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Shannon Marie Hobbs sold 297 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the sale, the vice president directly owned 15,206 shares in the company, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,091 shares of company stock worth $6,568,423 in the last three months. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

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