Bank of New York Mellon (NYSE:BK) Research Coverage Started at BMO Capital Markets

BMO Capital Markets initiated coverage on shares of Bank of New York Mellon (NYSE:BK) in a report published on Friday, MarketBeat reports. The brokerage issued an outperform rating and a $125.00 target price on the bank’s stock.

Several other research firms have also issued reports on BK. TD Cowen initiated coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They set a “buy” rating on the stock. Truist Financial raised their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a “hold” rating in a research report on Thursday. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Finally, Citigroup lifted their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $103.46.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $106.48 on Friday. The firm has a fifty day moving average of $104.60 and a two-hundred day moving average of $93.05. The firm has a market cap of $75.09 billion, a P/E ratio of 16.26, a P/E/G ratio of 1.01 and a beta of 1.13. Bank of New York Mellon has a 1-year low of $70.46 and a 1-year high of $110.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $1.51 earnings per share. As a group, research analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon’s payout ratio is 32.37%.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. Vanguard Group Inc. grew its holdings in shares of Bank of New York Mellon by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock worth $6,477,206,000 after acquiring an additional 517,081 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Bank of New York Mellon by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after purchasing an additional 785,478 shares during the period. Artisan Partners Limited Partnership increased its stake in Bank of New York Mellon by 0.9% in the 2nd quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock worth $1,439,831,000 after purchasing an additional 139,544 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank’s stock worth $1,010,093,000 after buying an additional 221,613 shares during the period. Finally, Norges Bank purchased a new stake in Bank of New York Mellon during the second quarter valued at about $1,081,847,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

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.