Bank of New York Mellon’s (BK) “Sector Perform” Rating Reiterated at 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 published on Monday morning,Benzinga reports. They currently have a $90.00 target price on the bank’s stock.

A number of other analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Truist Financial increased their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. UBS Group lifted their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

Bank of New York Mellon Stock Up 1.6 %

Shares of BK opened at $83.95 on Monday. The company’s 50-day simple moving average is $84.60 and its 200-day simple moving average is $78.80. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $90.34. The stock has a market capitalization of $60.27 billion, a PE ratio of 14.45, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.24%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Institutional Trading of Bank of New York Mellon

Several large investors have recently modified their holdings of BK. Assetmark Inc. increased its holdings in Bank of New York Mellon by 64.7% in the third quarter. Assetmark Inc. now owns 1,869 shares of the bank’s stock valued at $134,000 after buying an additional 734 shares during the last quarter. OneDigital Investment Advisors LLC increased its stake in Bank of New York Mellon by 1.0% during the third quarter. OneDigital Investment Advisors LLC now owns 24,941 shares of the bank’s stock valued at $1,792,000 after purchasing an additional 259 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Bank of New York Mellon by 9.2% in the 3rd quarter. Empowered Funds LLC now owns 13,760 shares of the bank’s stock worth $989,000 after buying an additional 1,162 shares during the last quarter. Claro Advisors LLC bought a new position in shares of Bank of New York Mellon during the third quarter valued at approximately $299,000. Finally, Drive Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter worth approximately $244,000. 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.