The Bank of New York Mellon Corporation (NYSE:BK) shares traded -6.65% lower at $42.53 on Wall Street last session.
In accordance with the data, 19 analysts cover The Bank of New York Mellon Corporation (NYSE:BK). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $62.00 and a low of $43.00, we find $54.00. Given the previous closing price of $45.56, this indicates a potential upside of 18.53 percent. BK stock price is now -0.20% away from the 50-day moving average and -4.66% away from the 200-day moving average. The market capitalization of the company currently stands at $35.95B.
It has been rated a hold by 7 analysts and a buy by 10. Brokers who have rated the stock have averaged $53.32 as their price target over the next twelve months.
In other news, Smits Hanneke, Sr. Exec. Vice President sold 16,960 shares of the company’s stock on Nov 09. The stock was sold for $717,238 at an average price of $42.29. Upon completion of the transaction, the Sr. Exec. Vice President now directly owns 82,256 shares in the company, valued at $3.5 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Oct 19, SEVP & General Counsel McCarthy J Kevin sold 20,000 shares of the business’s stock. A total of $787,314 was realized by selling the stock at an average price of $39.37. This leaves the insider owning 108,686 shares of the company worth $4.62 million. Insiders disposed of 542,647 shares of company stock worth roughly $23.08 million over the past 1 year. A total of 0.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in BK stock. A new stake in The Bank of New York Mellon Corporation shares was purchased by ARROWSTREET CAPITAL, LIMITED PARTNERSHIP during the first quarter worth $62,630,000. ATALANTA SOSNOFF CAPITAL, LLC invested $38,231,000 in shares of BK during the first quarter. In the first quarter, VIRGINIA RETIREMENT SYSTEM acquired a new stake in The Bank of New York Mellon Corporation valued at approximately $29,293,000. PRIMECAP MANAGEMENT CO/CA/ acquired a new stake in BK for approximately $27,466,000. NEKTON CAPITAL LTD. purchased a new stake in BK valued at around $24,555,000 in the second quarter. In total, there are 1,504 active investors with 85.50% ownership of the company’s stock.
The Bank of New York Mellon Corporation (NYSE: BK) opened at $45.68 on Friday. During the past 12 months, The Bank of New York Mellon Corporation has had a low of $36.22 and a high of $52.26. The fifty day moving average price for BK is $42.63 and a two-hundred day moving average price translates $44.62 for the stock.
The latest earnings results from The Bank of New York Mellon Corporation (NYSE: BK) was released for Mar, 2023. According to the Asset Management Company, earnings per share came in at $1.12, inline with analysts’ expectations of $1.12. This compares to $0.86 EPS in the same period last year. The net profit margin was 25.00% and return on equity was 7.20% for BK. The company reported revenue of $3.94 billion for the quarter, compared to $778.0 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 406.68 percent. For the current quarter, analysts expect BK to generate $4.37B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 05/11/2023. Investors who held shares on 04/28/2023 were paid a $0.37 dividend. On an annualized basis, this represents a $1.48 dividend and a 3.48% percent yield. There was an ex-dividend date of 04/27/2023 for this dividend. In terms of dividend payout ratio, BK is presently at 45.70%.
The Bank of New York Mellon Corporation(BK) Company Profile
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. This segment also provides trustee, paying agency, fiduciary, escrow and other financial, issuer, and support services for brokers and investors. The Market and Wealth Services segment offers clearing and custody, investment, wealth and retirement solutions, technology and enterprise data management, trading, and prime brokerage services. This segment also provides integrated cash management solutions, including payments, foreign exchange, liquidity management, receivables processing and payables management, and trade finance and processing services. The Investment and Wealth Management segment offers investment management strategies and distribution of investment products, investment management, custody, wealth and estate planning, private banking, investment, and information management services. The Other segment engages in the provision of leasing, corporate treasury, derivative and other trading, corporate and bank-owned life insurance, renewable energy investment, and business exit services. It serves central banks and sovereigns, financial institutions, asset managers, insurance companies, corporations, local authorities and high net-worth individuals, and family offices. The company was founded in 1784 and is headquartered in New York, New York.
