Bank of New York Mellon (NYSE:BK) Price Target Raised to $110.00 at Evercore ISI

Bank of New York Mellon (NYSE:BKFree Report) had its target price hoisted by Evercore ISI from $91.00 to $110.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an in-line rating on the bank’s stock.

BK has been the topic of a number of other reports. TD Cowen initiated coverage on Bank of New York Mellon in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Morgan Stanley increased their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday. Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Truist Financial upped their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock a “hold” rating in a report on Thursday, August 14th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $100.92.

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Bank of New York Mellon Stock Down 0.6%

Shares of NYSE BK opened at $109.04 on Tuesday. The company’s fifty day simple moving average is $104.22 and its 200 day simple moving average is $92.50. Bank of New York Mellon has a 12-month low of $70.41 and a 12-month high of $110.87. The firm has a market cap of $76.90 billion, a PE ratio of 16.65, a P/E/G ratio of 1.04 and a beta of 1.14. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BKGet Free Report) last issued its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the business posted $1.51 EPS. As a group, sell-side 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, July 25th. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is presently 32.37%.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Bank of New York Mellon by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock valued at $6,477,206,000 after buying an additional 517,081 shares in the last quarter. Geode Capital Management LLC grew its holdings in Bank of New York Mellon by 4.3% during the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after buying an additional 785,478 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Bank of New York Mellon by 0.9% during the 2nd quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock valued at $1,439,831,000 after buying an additional 139,544 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank’s stock valued at $1,010,093,000 after buying an additional 221,613 shares in the last quarter. Finally, Norges Bank purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $1,081,847,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Company Profile

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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.

See Also

Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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