Bank of New York Mellon (NYSE:BK) Price Target Raised to $82.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by Citigroup from $75.00 to $82.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Several other equities analysts have also recently commented on the stock. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Evercore ISI upped their target price on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. The Goldman Sachs Group lifted their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley upped their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $78.15.

Bank of New York Mellon Stock Performance

NYSE BK opened at $81.75 on Monday. Bank of New York Mellon has a 12-month low of $46.81 and a 12-month high of $82.08. The firm has a 50-day moving average price of $75.67 and a two-hundred day moving average price of $67.20. The company has a market capitalization of $59.44 billion, a P/E ratio of 17.77, a P/E/G ratio of 0.93 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Analysts anticipate that Bank of New York Mellon will post 5.82 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.30%. Bank of New York Mellon’s dividend payout ratio is 40.87%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

A number of large investors have recently bought and sold shares of BK. McClarren Financial Advisors Inc. lifted its position in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares during the period. Olistico Wealth LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $30,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $32,000. Family Firm Inc. bought a new stake in Bank of New York Mellon in the 2nd quarter valued at about $40,000. Finally, Fortitude Family Office LLC raised its stake in Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.