Bank of New York Mellon (NYSE:BK) Stock Rating Upgraded by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon (NYSE:BK) from a market perform rating to an outperform rating in a report released on Thursday morning, Marketbeat Ratings reports. The brokerage currently has $70.00 target price on the bank’s stock, up from their previous target price of $60.00.

Several other analysts have also recently commented on the stock. Evercore ISI upped their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an in-line rating in a research report on Thursday, April 4th. Morgan Stanley upped their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the company an equal weight rating in a report on Thursday, April 18th. Royal Bank of Canada restated a sector perform rating and set a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Jefferies Financial Group upped their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the company a buy rating in a research note on Thursday, April 18th. Finally, Bank of America lifted their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a buy rating in a research note on Wednesday, April 17th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $61.15.

Bank of New York Mellon Trading Up 0.6 %

BK stock opened at $59.89 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $60.87. The company has a market cap of $44.79 billion, a P/E ratio of 14.61, a PEG ratio of 1.20 and a beta of 1.08. The business has a fifty day moving average of $58.45 and a 200-day moving average of $56.07.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the prior year, the company posted $1.13 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. As a group, equities research analysts expect that Bank of New York Mellon will post 5.45 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were given a $0.42 dividend. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 2.81%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insiders Place Their Bets

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares in the company, valued at $1,410,363.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now owns 24,346 shares of the company’s stock, valued at approximately $1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,928 shares of company stock worth $6,475,216. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently bought and sold shares of the business. United Services Automobile Association lifted its position in Bank of New York Mellon by 6.9% during the fourth quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock worth $1,325,000 after acquiring an additional 1,640 shares during the last quarter. Searle & CO. bought a new position in Bank of New York Mellon during the 4th quarter worth $234,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Bank of New York Mellon by 22.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock worth $11,596,000 after buying an additional 40,969 shares in the last quarter. Janney Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $243,000. Finally, Trust Point Inc. acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at about $310,000. Institutional investors and hedge funds 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.