Bank of America Raises Bank of New York Mellon (NYSE:BK) Price Target to $66.00

Bank of New York Mellon (NYSE:BK) had its price objective raised by Bank of America from $64.00 to $66.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other equities analysts have also recently issued reports on the company. Citigroup boosted their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the company a buy rating in a report on Wednesday, February 14th. Morgan Stanley raised Bank of New York Mellon from an underweight rating to an equal weight rating and boosted their price target for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an in-line rating in a research note on Thursday, April 4th. Royal Bank of Canada reiterated a sector perform rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Finally, UBS Group raised their price target on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a buy rating in a research report on Tuesday, January 9th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $60.06.

Bank of New York Mellon Stock Performance

BK opened at $56.29 on Wednesday. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 12-month low of $39.65 and a 12-month high of $58.28. The firm has a 50 day moving average of $55.76 and a two-hundred day moving average of $51.23. The firm has a market capitalization of $42.38 billion, a PE ratio of 13.73, a P/E/G ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.13 earnings per share. On average, analysts anticipate that Bank of New York Mellon will post 5.4 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.98%. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.98%.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BK. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth $28,000. Brown Brothers Harriman & Co. boosted its position in Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after acquiring an additional 300 shares during the last quarter. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Bank of New York Mellon in the 1st quarter valued at about $32,000. Finally, Hartford Financial Management Inc. raised its holdings in Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after acquiring an additional 183 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

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.