Bank of New York Mellon (NYSE:BK) Price Target Increased to $68.00 by Analysts at Jefferies Financial Group

Bank of New York Mellon (NYSE:BK) had its price objective upped by Jefferies Financial Group from $67.00 to $68.00 in a research report report published on Thursday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the bank’s stock.

BK has been the topic of several other research reports. Royal Bank of Canada reaffirmed a sector perform rating and set a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Citigroup lifted their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a buy rating in a report on Wednesday, February 14th. Bank of America lifted their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a buy rating in a report on Wednesday. Morgan Stanley upgraded shares of Bank of New York Mellon from an underweight rating to an equal weight rating and lifted their target price for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Finally, Evercore ISI lifted 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. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $59.15.

Bank of New York Mellon Stock Up 1.4 %

BK stock opened at $55.24 on Thursday. The firm has a market cap of $41.58 billion, a PE ratio of 13.47, a PEG ratio of 1.15 and a beta of 1.12. 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’s 50 day moving average price is $55.74 and its 200-day moving average price is $51.13. Bank of New York Mellon has a one year low of $39.65 and a one year high of $58.28.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.13 EPS. On average, equities research analysts anticipate that Bank of New York Mellon will post 5.35 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders 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 annualized dividend and a dividend yield of 3.04%. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.98%.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares in the last quarter. Artisan Partners Limited Partnership grew its stake in shares of Bank of New York Mellon by 0.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after purchasing an additional 144,162 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $813,701,000. Geode Capital Management LLC grew its stake in shares of Bank of New York Mellon by 1.5% during the first quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after purchasing an additional 227,602 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after purchasing an additional 715,421 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.