Bank of New York Mellon (NYSE:BK) Price Target Raised to $93.00

Bank of New York Mellon (NYSE:BK) had its price objective upped by Truist Financial from $91.00 to $93.00 in a research report sent to investors on Thursday morning,Benzinga reports. Truist Financial currently has a buy rating on the bank’s stock.

Several other brokerages have also recently weighed in on BK. Citigroup upped their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Barclays increased their target price on shares of Bank of New York Mellon from $86.00 to $102.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.14.

Bank of New York Mellon Trading Up 1.3 %

BK stock opened at $83.31 on Thursday. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $83.67. The firm’s 50-day moving average is $78.87 and its 200 day moving average is $72.24. The company has a market capitalization of $60.57 billion, a PE ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $1.28 earnings per share. On average, research analysts anticipate that Bank of New York Mellon will post 5.87 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s payout ratio is 40.87%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently modified their holdings of the stock. New Century Financial Group LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at approximately $342,000. Apeiron RIA LLC acquired a new stake in Bank of New York Mellon during the fourth quarter valued at $594,000. IVC Wealth Advisors LLC increased its holdings in Bank of New York Mellon by 2.3% in the fourth quarter. IVC Wealth Advisors LLC now owns 7,475 shares of the bank’s stock valued at $574,000 after buying an additional 167 shares in the last quarter. Donoghue Forlines LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth about $3,555,000. Finally, Avior Wealth Management LLC boosted its stake in shares of Bank of New York Mellon by 33.4% during the 4th quarter. Avior Wealth Management LLC now owns 5,940 shares of the bank’s stock worth $456,000 after acquiring an additional 1,488 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.