Wells Fargo & Company Raises Bank of New York Mellon (NYSE:BK) Price Target to $79.00

Bank of New York Mellon (NYSE:BK) had its price target increased by Wells Fargo & Company from $69.00 to $79.00 in a research report sent to investors on Monday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

BK has been the subject of several other research reports. Citigroup raised their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price objective for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Barclays lifted their price target on Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday. Finally, JPMorgan Chase & Co. upped their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $76.69.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $77.74 on Monday. The business has a 50 day simple moving average of $69.55 and a 200-day simple moving average of $62.93. Bank of New York Mellon has a 12 month low of $41.15 and a 12 month high of $78.03. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $58.14 billion, a PE ratio of 18.00, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Entropy Technologies LP acquired a new position in Bank of New York Mellon in the first quarter valued at $1,027,000. QRG Capital Management Inc. lifted its holdings in shares of Bank of New York Mellon by 6.9% during the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after acquiring an additional 8,204 shares during the period. Wakefield Asset Management LLLP acquired a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $3,740,000. Bessemer Group Inc. grew its holdings in Bank of New York Mellon by 128.8% in the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock valued at $1,771,000 after purchasing an additional 17,312 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after purchasing an additional 421,161 shares during the last quarter. 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.