Bank of New York Mellon (NYSE:BK) Price Target Raised to $80.00

Bank of New York Mellon (NYSE:BK) had its target price lifted by The Goldman Sachs Group from $74.00 to $80.00 in a research note released on Thursday morning, Benzinga reports. They currently have a buy rating on the bank’s stock.

BK has been the subject of several other research reports. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an equal weight rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods restated an outperform rating and issued a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Citigroup raised their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a neutral rating in a report on Thursday, September 19th. Deutsche Bank Aktiengesellschaft raised Bank of New York Mellon from a hold rating to a buy rating and boosted their target price for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Finally, Barclays raised their price target on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an overweight rating in a research note on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $68.88.

Bank of New York Mellon Stock Up 0.3 %

Shares of NYSE BK opened at $71.70 on Thursday. The company has a market capitalization of $53.62 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.24 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The company has a 50 day simple moving average of $66.74 and a 200-day simple moving average of $61.21. Bank of New York Mellon has a 1 year low of $39.66 and a 1 year high of $73.19.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the business earned $1.38 earnings per share. On average, equities research analysts predict that Bank of New York Mellon will post 5.63 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 Friday, August 2nd. Stockholders of record on Monday, July 22nd were paid a $0.47 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.62%. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Insider Activity at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently made changes to their positions in BK. Gilbert & Cook Inc. grew its holdings in shares of Bank of New York Mellon by 4.7% during the fourth quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock worth $487,000 after buying an additional 419 shares in the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Bank of New York Mellon by 18.7% in the fourth quarter. Orion Portfolio Solutions LLC now owns 45,047 shares of the bank’s stock worth $2,374,000 after purchasing an additional 7,096 shares in the last quarter. Hilltop Holdings Inc. acquired a new position in Bank of New York Mellon during the fourth quarter worth $251,000. Steward Partners Investment Advisory LLC grew its position in Bank of New York Mellon by 0.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 71,662 shares of the bank’s stock valued at $3,730,000 after purchasing an additional 544 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in Bank of New York Mellon by 3.3% in the 4th quarter. TD Asset Management Inc now owns 259,558 shares of the bank’s stock valued at $13,510,000 after buying an additional 8,350 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

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.