Bank of New York Mellon (NYSE:BK) Now Covered by Analysts at BMO Capital Markets

BMO Capital Markets started coverage on shares of Bank of New York Mellon (NYSE:BK) in a research note published on Friday, Marketbeat.com reports. The firm issued an outperform rating and a $125.00 price objective on the bank’s stock.

A number of other research firms have also commented on BK. Evercore ISI upped their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday. Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Truist Financial boosted their target price on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a report on Thursday. Finally, Citigroup raised their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $103.46.

Bank of New York Mellon Trading Up 0.1%

BK opened at $106.48 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The company’s 50 day moving average price is $104.60 and its two-hundred day moving average price is $92.93. The firm has a market capitalization of $75.09 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.00 and a beta of 1.13.

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

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, July 25th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon’s payout ratio is presently 32.37%.

Insider Buying and Selling

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 value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors have recently added to or reduced their stakes in the company. Tiemann Investment Advisors LLC grew its position in Bank of New York Mellon by 2.9% in the 2nd quarter. Tiemann Investment Advisors LLC now owns 3,492 shares of the bank’s stock worth $318,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Bank of New York Mellon by 13.7% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock valued at $75,000 after buying an additional 100 shares in the last quarter. Hemington Wealth Management lifted its position in shares of Bank of New York Mellon by 6.3% in the second quarter. Hemington Wealth Management now owns 1,730 shares of the bank’s stock valued at $157,000 after acquiring an additional 102 shares in the last quarter. Summit Financial Wealth Advisors LLC boosted its stake in Bank of New York Mellon by 1.8% in the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 5,702 shares of the bank’s stock worth $609,000 after purchasing an additional 103 shares during the period. Finally, Certuity LLC grew its stake in Bank of New York Mellon by 1.0% during the second quarter. Certuity LLC now owns 11,081 shares of the bank’s stock valued at $1,010,000 after acquiring an additional 105 shares in the last quarter. Institutional investors 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.