Bank of New York Mellon (NYSE:BK) Price Target Raised to $113.00

Bank of New York Mellon (NYSE:BK) had its price target upped by Keefe, Bruyette & Woods from $105.00 to $113.00 in a report released on Wednesday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

BK has been the subject of a number of other reports. Citigroup upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Truist Financial lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and upped their price target for the company from $87.00 to $97.00 in a research report on Wednesday, May 28th. Morgan Stanley upped their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Evercore ISI upped their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research report on Wednesday, July 2nd. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.38.

Bank of New York Mellon Price Performance

NYSE:BK opened at $98.81 on Wednesday. Bank of New York Mellon has a 12 month low of $60.93 and a 12 month high of $99.04. The stock has a 50 day moving average of $90.84 and a two-hundred day moving average of $85.22. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. The firm has a market cap of $70.69 billion, a P/E ratio of 15.09, a price-to-earnings-growth ratio of 0.96 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period in the previous year, the business earned $1.51 EPS. Bank of New York Mellon’s quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.15%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend is Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the transaction, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently modified their holdings of BK. BSW Wealth Partners raised its stake in Bank of New York Mellon by 4.2% in the second quarter. BSW Wealth Partners now owns 5,162 shares of the bank’s stock valued at $470,000 after buying an additional 209 shares in the last quarter. Woodward Diversified Capital LLC increased its position in shares of Bank of New York Mellon by 56.1% during the second quarter. Woodward Diversified Capital LLC now owns 7,585 shares of the bank’s stock worth $691,000 after purchasing an additional 2,725 shares in the last quarter. New Wave Wealth Advisors LLC increased its position in shares of Bank of New York Mellon by 1.9% during the second quarter. New Wave Wealth Advisors LLC now owns 7,199 shares of the bank’s stock worth $656,000 after purchasing an additional 131 shares in the last quarter. SOA Wealth Advisors LLC. increased its position in shares of Bank of New York Mellon by 1,225.9% during the second quarter. SOA Wealth Advisors LLC. now owns 7,160 shares of the bank’s stock worth $652,000 after purchasing an additional 6,620 shares in the last quarter. Finally, First Pacific Financial acquired a new stake in shares of Bank of New York Mellon during the second quarter worth about $4,302,000. 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.