Wells Fargo & Company Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK) had its price target hoisted by Wells Fargo & Company from $79.00 to $81.00 in a research report report published on Friday,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

BK has been the topic of several other reports. Citigroup upped their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Evercore ISI upped their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Monday, November 11th. Finally, UBS Group upped their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.23.

Bank of New York Mellon Trading Up 0.9 %

Shares of Bank of New York Mellon stock traded up $0.72 on Friday, reaching $78.29. The company had a trading volume of 4,211,855 shares, compared to its average volume of 3,869,190. The firm’s 50 day moving average price is $73.99 and its two-hundred day moving average price is $65.89. The firm has a market cap of $56.92 billion, a PE ratio of 17.02, a PEG ratio of 0.89 and a beta of 1.07. Bank of New York Mellon has a 52-week low of $46.04 and a 52-week high of $80.29. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Sell-side analysts predict that Bank of New York Mellon will post 5.82 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is 40.87%.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now owns 75,404 shares in the company, valued at $5,754,079.24. This represents a 24.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently bought and sold shares of the company. Empowered Funds LLC increased its holdings in shares of Bank of New York Mellon by 28.1% in the 1st quarter. Empowered Funds LLC now owns 10,620 shares of the bank’s stock valued at $612,000 after purchasing an additional 2,328 shares in the last quarter. Blair William & Co. IL increased its holdings in shares of Bank of New York Mellon by 1.6% in the 1st quarter. Blair William & Co. IL now owns 21,393 shares of the bank’s stock valued at $1,233,000 after purchasing an additional 338 shares in the last quarter. Tocqueville Asset Management L.P. increased its holdings in shares of Bank of New York Mellon by 4.1% in the 1st quarter. Tocqueville Asset Management L.P. now owns 13,492 shares of the bank’s stock valued at $777,000 after purchasing an additional 528 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $6,087,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Bank of New York Mellon by 99.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 930,275 shares of the bank’s stock valued at $53,271,000 after purchasing an additional 463,360 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.