Bank of New York Mellon (NYSE:BK) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Bank of New York Mellon (NYSE:BK) in a research note released on Wednesday, Benzinga reports. They currently have a $58.00 price objective on the bank’s stock.

Several other equities research analysts have also recently weighed in on BK. JPMorgan Chase & Co. upgraded Bank of New York Mellon from a neutral rating to an overweight rating and set a $54.50 target price for the company in a research note on Monday, December 18th. Morgan Stanley upgraded Bank of New York Mellon from an underweight rating to an equal weight rating and upped their target price for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. UBS Group upped their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a buy rating in a research note on Tuesday, January 9th. Finally, Citigroup upped their target price on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a buy rating in a research note on Wednesday, February 14th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $55.65.

Bank of New York Mellon Trading Up 0.6 %

Shares of BK stock opened at $56.93 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The stock has a market cap of $42.86 billion, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 1.20 and a beta of 1.11. The stock has a 50 day simple moving average of $55.38 and a 200 day simple moving average of $49.75. Bank of New York Mellon has a 1 year low of $39.65 and a 1 year high of $57.45.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, January 12th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.16. The business had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.30 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 earnings per share. On average, research analysts predict that Bank of New York Mellon will post 5.26 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 2nd. Stockholders of record on Monday, January 22nd were issued a dividend of $0.42 per share. The ex-dividend date was Friday, January 19th. This represents a $1.68 annualized dividend and a dividend yield of 2.95%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 42.32%.

Insider Activity at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,425 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total value of $850,843.00. Following the completion of the sale, the vice president now directly owns 119,656 shares in the company, valued at $6,600,224.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Hanneke Smits sold 15,425 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total value of $850,843.00. Following the completion of the sale, the vice president now directly owns 119,656 shares in the company, valued at $6,600,224.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Catherine Keating sold 4,498 shares of the 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 sale, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. 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 the business. HighPoint Advisor Group LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth about $360,000. PNC Financial Services Group Inc. grew its holdings in Bank of New York Mellon by 1.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after acquiring an additional 4,619 shares during the period. Rovin Capital UT ADV grew its holdings in Bank of New York Mellon by 27.2% during the 4th quarter. Rovin Capital UT ADV now owns 6,239 shares of the bank’s stock worth $325,000 after acquiring an additional 1,333 shares during the period. Spartan Planning & Wealth Management grew its holdings in Bank of New York Mellon by 53,000.0% during the 4th quarter. Spartan Planning & Wealth Management now owns 2,655 shares of the bank’s stock worth $138,000 after acquiring an additional 2,650 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after acquiring an additional 4,293,751 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.