Bank of New York Mellon (NYSE:BK) Price Target Raised to $120.00 at The Goldman Sachs Group

Bank of New York Mellon (NYSE:BK) had its price target lifted by The Goldman Sachs Group from $106.00 to $120.00 in a report issued on Monday,Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other research firms also recently weighed in on BK. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Truist Financial raised their target price on Bank of New York Mellon from $109.00 to $118.00 and gave the company a “hold” rating in a research report on Thursday, October 2nd. Morgan Stanley boosted their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Finally, Evercore ISI increased their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $106.77.

Bank of New York Mellon Trading Down 0.1%

Shares of NYSE:BK opened at $106.46 on Monday. The business’s 50 day moving average price is $104.71 and its 200-day moving average price is $93.21. Bank of New York Mellon has a 1 year low of $70.46 and a 1 year high of $110.87. The firm has a market capitalization of $75.08 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. 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 (NYSE:BK) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.51 earnings per share. On average, equities research 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. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. The ex-dividend date 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 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.37%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction 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 directly owned 35,115 shares in the company, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of the company. Heartwood Wealth Advisors LLC purchased a new position in Bank of New York Mellon during the third quarter worth about $190,000. Venture Visionary Partners LLC purchased a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $220,000. Nilsine Partners LLC raised its position in shares of Bank of New York Mellon by 50.8% during the 3rd quarter. Nilsine Partners LLC now owns 23,768 shares of the bank’s stock valued at $2,590,000 after buying an additional 8,006 shares during the period. KFA Private Wealth Group LLC acquired a new position in Bank of New York Mellon in the third quarter valued at approximately $204,000. Finally, Summit Financial Wealth Advisors LLC grew its position in Bank of New York Mellon by 1.8% in the third quarter. Summit Financial Wealth Advisors LLC now owns 5,702 shares of the bank’s stock worth $609,000 after acquiring an additional 103 shares during the period. Hedge funds and other 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.