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

Shares of Bank of New York Mellon Corporation (NYSE:BNY) have been given an average recommendation of “Moderate Buy” by the thirteen ratings firms that are covering the company, MarketBeat reports. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $142.7692.

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. Morgan Stanley upped their target price on Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. Truist Financial raised their price target on Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Finally, Royal Bank Of Canada upped their price objective on Bank of New York Mellon from $130.00 to $142.00 and gave the company a “sector perform” rating in a research report on Friday, April 17th.

Insider Activity at Bank of New York Mellon

In other news, insider Kurtis R. Kurimsky sold 5,290 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the transaction, the insider directly owned 17,259 shares in the company, valued at approximately $2,347,569.18. This represents a 23.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Alejandro Perez sold 12,504 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the completion of the transaction, the executive vice president directly owned 62,613 shares in the company, valued at $8,578,607.13. This represents a 16.65% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have 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

A number of institutional investors have recently modified their holdings of BNY. CIBC Asset Management Inc grew its holdings in 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 worth $21,129,000 after acquiring an additional 63,627 shares in the last quarter. Todd Asset Management LLC raised its holdings in shares of Bank of New York Mellon by 37.5% in the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after purchasing an additional 101,142 shares in the last quarter. Cullen Investment Group LTD. raised its holdings in shares of 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 valued at $4,610,000 after purchasing an additional 36,568 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in shares of Bank of New York Mellon in the 3rd quarter worth approximately $10,641,000. Finally, Prospera Financial Services Inc lifted its position in shares of Bank of New York Mellon by 106.5% in the 4th quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after purchasing an additional 9,865 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Down 0.2%

Shares of BNY opened at $146.27 on Monday. The company’s fifty day simple moving average is $139.71 and its 200-day simple moving average is $127.17. The company has a market cap of $100.40 billion, a P/E ratio of 18.13, a P/E/G ratio of 1.06 and a beta of 1.07. 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 twelve month low of $91.96 and a twelve month high of $148.50.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.58 EPS. As a group, analysts expect that Bank of New York Mellon will post 8.85 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Monday, April 27th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon’s payout ratio is currently 26.27%.

Bank of New York Mellon Company Profile

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.