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

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

BK has been the topic of a number of other reports. Citigroup raised their price objective 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. Evercore ISI raised their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an in-line rating in a research note on Thursday, April 4th. UBS Group raised their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a buy rating in a report on Tuesday, January 9th. Morgan Stanley raised Bank of New York Mellon from an underweight rating to an equal weight rating and raised their target price for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Bank of New York Mellon presently has an average rating of Hold and a consensus target price of $58.17.

Bank of New York Mellon Stock Up 0.9 %

BK opened at $54.47 on Wednesday. Bank of New York Mellon has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The business has a 50-day moving average of $55.73 and a 200-day moving average of $51.10. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $41.01 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same period last year, the business earned $1.13 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts forecast that Bank of New York Mellon will post 5.33 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

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 issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s payout ratio is presently 42.32%.

Insider Transactions at Bank of New York Mellon

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

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in Bank of New York Mellon by 22.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after buying an additional 40,969 shares in the last quarter. Trust Point Inc. acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $310,000. WCG Wealth Advisors LLC acquired a new stake in Bank of New York Mellon in the 3rd quarter valued at $1,552,000. Meeder Asset Management Inc. acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $1,298,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Bank of New York Mellon by 22.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,557,750 shares of the bank’s stock valued at $109,088,000 after buying an additional 465,229 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.