Bank of New York Mellon (BK) – Analysts’ Weekly Ratings Changes

Several brokerages have updated their recommendations and price targets on shares of Bank of New York Mellon (NYSE: BK) in the last few weeks:

• 7/30/2024 – Bank of New York Mellon had its price target raised by analysts at Morgan Stanley from $65.00 to $72.00. They now have an “equal weight” rating on the stock.
• 7/15/2024 – Bank of New York Mellon had its price target raised by analysts at Barclays PLC from $68.00 to $75.00. They now have an “overweight” rating on the stock.
• 7/15/2024 – Bank of New York Mellon had its “outperform” rating reaffirmed by analysts at Keefe, Bruyette & Woods. They now have a $75.00 price target on the stock, up previously from $70.00.
• 7/15/2024 – Bank of New York Mellon was downgraded by analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating. They now have a $65.00 price target on the stock.
• 7/15/2024 – Bank of New York Mellon had its price target raised by analysts at Evercore ISI from $61.00 to $66.00. They now have an “in-line” rating on the stock.
• 7/15/2024 – Bank of New York Mellon had its price target raised by analysts at Deutsche Bank Aktiengesellschaft from $61.00 to $63.00. They now have a “hold” rating on the stock.
• 7/15/2024 – Bank of New York Mellon had its price target raised by analysts at Morgan Stanley from $63.00 to $65.00. They now have an “equal weight” rating on the stock.
• 7/3/2024 – Bank of New York Mellon had its “in-line” rating reaffirmed by analysts at Evercore ISI. They now have a $61.00 price target on the stock.
• 6/27/2024 – Bank of New York Mellon was upgraded by analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating. They now have a $70.00 price target on the stock, up previously from $60.00.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $0.66 during midday trading on Tuesday, hitting $65.25. 3,208,729 shares of the company traded hands, compared to its average volume of 3,826,612. The stock has a market cap of $48.80 billion, a price-to-earnings ratio of 15.10, a PEG ratio of 1.16 and a beta of 1.09. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70. The firm’s fifty day moving average price is $60.50 and its 200-day moving average price is $57.64. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $65.90.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same period in the previous year, the firm posted $1.38 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.58 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.88%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, July 22nd. Bank of New York Mellon’s payout ratio is presently 43.52%.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the transaction, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. The disclosure for this sale can be found here. Insiders have sold 36,858 shares of company stock valued at $2,223,504 in the last ninety days. 0.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BK. Hantz Financial Services Inc. bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $4,479,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Bank of New York Mellon by 2.3% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 74,994 shares of the bank’s stock valued at $4,491,000 after purchasing an additional 1,714 shares in the last quarter. Signaturefd LLC increased its stake in Bank of New York Mellon by 3.8% during the 2nd quarter. Signaturefd LLC now owns 14,229 shares of the bank’s stock valued at $852,000 after purchasing an additional 516 shares in the last quarter. Global Financial Private Client LLC increased its stake in Bank of New York Mellon by 751.3% during the 2nd quarter. Global Financial Private Client LLC now owns 8,351 shares of the bank’s stock valued at $500,000 after purchasing an additional 7,370 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Bank of New York Mellon by 89.5% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,216,146 shares of the bank’s stock valued at $72,835,000 after purchasing an additional 574,319 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.