Fintel reports that on October 3, 2023, Morgan Stanley maintained coverage of Bank Of New York Mellon (NYSE:BK) with a Underweight recommendation.
Analyst Price Forecast Suggests 30.09% Upside
As of August 31, 2023, the average one-year price target for Bank Of New York Mellon is 54.73. The forecasts range from a low of 45.45 to a high of $65.10. The average price target represents an increase of 30.09% from its latest reported closing price of 42.07.
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The projected annual revenue for Bank Of New York Mellon is 17,799MM, an increase of 4.75%. The projected annual non-GAAP EPS is 4.84.
Bank Of New York Mellon Declares $0.42 Dividend
On July 18, 2023 the company declared a regular quarterly dividend of $0.42 per share ($1.68 annualized). Shareholders of record as of July 28, 2023 received the payment on August 10, 2023. Previously, the company paid $0.37 per share.
At the current share price of $42.07 / share, the stock's dividend yield is 3.99%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.91%, the lowest has been 2.07%, and the highest has been 4.51%. The standard deviation of yields is 0.51 (n=236).
The current dividend yield is 2.14 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.44. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.35%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1946 funds or institutions reporting positions in Bank Of New York Mellon. This is a decrease of 40 owner(s) or 2.01% in the last quarter. Average portfolio weight of all funds dedicated to BK is 0.33%, a decrease of 6.74%. Total shares owned by institutions decreased in the last three months by 0.61% to 768,875K shares. 
The put/call ratio of BK is 0.84, indicating a bullish outlook.
What are Other Shareholders Doing?
Dodge & Cox holds 59,335K shares representing 7.62% ownership of the company. In it's prior filing, the firm reported owning 59,834K shares, representing a decrease of 0.84%. The firm decreased its portfolio allocation in BK by 4.85% over the last quarter.
DODGX - Dodge & Cox Stock Fund holds 37,133K shares representing 4.77% ownership of the company. In it's prior filing, the firm reported owning 37,000K shares, representing an increase of 0.36%. The firm decreased its portfolio allocation in BK by 5.72% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 22,972K shares representing 2.95% ownership of the company. In it's prior filing, the firm reported owning 23,783K shares, representing a decrease of 3.53%. The firm decreased its portfolio allocation in BK by 12.69% over the last quarter.
Artisan Partners Limited Partnership holds 20,217K shares representing 2.60% ownership of the company. In it's prior filing, the firm reported owning 20,429K shares, representing a decrease of 1.05%. The firm decreased its portfolio allocation in BK by 5.20% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 16,699K shares representing 2.14% ownership of the company. In it's prior filing, the firm reported owning 17,163K shares, representing a decrease of 2.78%. The firm decreased its portfolio allocation in BK by 13.66% over the last quarter.
Bank Of New York Mellon Background Information
(This description is provided by the company.)
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Sept. 30, 2020, BNY Mellon had $38.6 trillionin assets under custody and/or administration, and $2.0 trillionin assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.
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