Bank of New York Mellon (NYSE:BK) Price Target Raised to $66.00

Bank of New York Mellon (NYSE:BK) had its target price raised by Bank of America from $64.00 to $66.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other analysts have also commented on the company. UBS Group lifted their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a buy rating in a report on Tuesday, January 9th. Citigroup boosted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a buy rating in a research note on Wednesday, February 14th. Royal Bank of Canada reiterated a sector perform rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Morgan Stanley raised shares of Bank of New York Mellon from an underweight rating to an equal weight rating and raised their price objective for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Finally, Evercore ISI upped their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an in-line rating in a report on Thursday, April 4th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of Moderate Buy and a consensus target price of $60.06.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $56.29 on Wednesday. The business has a 50-day simple moving average of $55.76 and a two-hundred day simple moving average of $51.23. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71. The firm has a market cap of $42.38 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 1.15 and a beta of 1.12. Bank of New York Mellon has a fifty-two week low of $39.65 and a fifty-two week high of $58.28.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the previous year, the company earned $1.13 earnings per share. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts expect that Bank of New York Mellon will post 5.4 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.98%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Quent Capital LLC lifted its holdings in shares of Bank of New York Mellon by 3.8% in the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth $262,000 after buying an additional 182 shares in the last quarter. Hartford Financial Management Inc. lifted its stake in Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares in the last quarter. Vivaldi Capital Management LP boosted its holdings in shares of Bank of New York Mellon by 3.3% during the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock valued at $324,000 after purchasing an additional 192 shares during the last quarter. Certuity LLC grew its position in shares of Bank of New York Mellon by 2.3% during the fourth quarter. Certuity LLC now owns 8,972 shares of the bank’s stock valued at $467,000 after purchasing an additional 205 shares in the last quarter. Finally, Choreo LLC increased its holdings in shares of Bank of New York Mellon by 1.8% in the fourth quarter. Choreo LLC now owns 11,903 shares of the bank’s stock worth $620,000 after purchasing an additional 208 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

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.