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 objective hoisted by Bank of America from $64.00 to $66.00 in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other research firms have also issued reports on BK. Citigroup upped 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. UBS Group upped their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the company a buy rating in a research note on Tuesday, January 9th. Royal Bank of Canada restated a sector perform rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Morgan Stanley upgraded Bank of New York Mellon from an underweight rating to an equal weight rating and upped their price objective for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Finally, Evercore ISI upped 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. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $58.17.

Bank of New York Mellon Stock Performance

BK opened at $54.47 on Wednesday. Bank of New York Mellon has a 52-week low of $39.65 and a 52-week high of $58.28. The firm has a market capitalization of $41.01 billion, a PE ratio of 13.72, a PEG ratio of 1.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 0.72. The business’s 50-day simple moving average is $55.73 and its 200 day simple moving average is $51.10.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $4.39 billion. During the same quarter in the prior year, the company posted $1.13 earnings per share. Bank of New York Mellon’s revenue was up 3.8% on a year-over-year basis. As a group, sell-side analysts expect that Bank of New York Mellon will post 5.33 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.08%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 42.32%.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 4,498 shares of the 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 transaction, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in 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 buying an additional 4,293,751 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Bank of New York Mellon by 0.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after purchasing an additional 144,162 shares in the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $813,701,000. Geode Capital Management LLC boosted its holdings in shares of Bank of New York Mellon by 1.5% in the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock valued at $693,747,000 after purchasing an additional 227,602 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Bank of New York Mellon by 8.2% in the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock valued at $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.

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.