Bank of New York Mellon (NYSE:BK) Price Target Raised to $116.00

Bank of New York Mellon (NYSE:BK) had its price target boosted by Morgan Stanley from $101.00 to $116.00 in a research note released on Monday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the bank’s stock.

A number of other research firms have also recently weighed in on BK. Evercore ISI upped their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research note on Wednesday, July 2nd. Wells Fargo & Company upped their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Truist Financial raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a “hold” rating in a research report on Thursday, August 14th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Finally, TD Cowen started coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They set a “buy” rating for the company. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $100.92.

Bank of New York Mellon Stock Down 1.9%

Shares of BK opened at $106.89 on Monday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The company has a 50-day simple moving average of $104.36 and a 200-day simple moving average of $92.60. Bank of New York Mellon has a 52 week low of $70.41 and a 52 week high of $110.87. The firm has a market capitalization of $75.39 billion, a P/E ratio of 16.32, a P/E/G ratio of 1.03 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the company posted $1.51 earnings per share. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

Several institutional investors and hedge funds have recently added to or reduced their stakes in BK. Westside Investment Management Inc. boosted its stake in shares of Bank of New York Mellon by 78.9% in the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares during the last quarter. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC bought a new position in Bank of New York Mellon in the first quarter valued at approximately $25,000. Hoey Investments Inc. acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $32,000. Finally, Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth $32,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon 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.