Bank of New York Mellon (NYSE:BK) PT Lowered to $48.00

Bank of New York Mellon (NYSE:BK) had its price objective lowered by Morgan Stanley from $49.00 to $48.00 in a research note released on Friday morning, Benzinga reports. The firm currently has an underweight rating on the bank’s stock.

Several other research analysts have also commented on BK. StockNews.com assumed coverage on shares of Bank of New York Mellon in a report on Thursday, August 17th. They issued a hold rating for the company. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $43.00 to $44.00 in a research note on Wednesday, July 19th. Finally, Citigroup reduced their target price on shares of Bank of New York Mellon from $58.00 to $55.00 in a research note on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of Hold and an average price target of $53.00.

Bank of New York Mellon Stock Down 0.9 %

BK stock opened at $44.80 on Friday. The company’s 50 day simple moving average is $44.86 and its 200-day simple moving average is $44.13. The firm has a market capitalization of $34.89 billion, a PE ratio of 13.06, a P/E/G ratio of 1.19 and a beta of 1.10. Bank of New York Mellon has a 12 month low of $36.22 and a 12 month high of $52.26. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, July 18th. The bank reported $1.38 EPS for the quarter, beating the consensus estimate of $1.22 by $0.16. The business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. Bank of New York Mellon had a net margin of 10.95% and a return on equity of 11.88%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.15 earnings per share. Equities analysts expect that Bank of New York Mellon will post 4.85 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 10th. Investors of record on Friday, July 28th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, July 27th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a yield of 3.75%. Bank of New York Mellon’s dividend payout ratio is currently 48.98%.

Insider Activity

In other news, insider Kurtis R. Kurimsky sold 14,045 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $45.64, for a total transaction of $641,013.80. Following the sale, the insider now owns 23,816 shares in the company, valued at $1,086,962.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 14,045 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $45.64, for a total value of $641,013.80. Following the transaction, the insider now owns 23,816 shares in the company, valued at approximately $1,086,962.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $46.33, for a total transaction of $1,621,550.00. Following the completion of the transaction, the executive vice president now owns 98,102 shares in the company, valued at approximately $4,545,065.66. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Signaturefd LLC grew its holdings in Bank of New York Mellon by 32.7% during the first quarter. Signaturefd LLC now owns 13,698 shares of the bank’s stock valued at $622,000 after purchasing an additional 3,374 shares during the last quarter. Personal CFO Solutions LLC grew its holdings in Bank of New York Mellon by 77.6% during the first quarter. Personal CFO Solutions LLC now owns 9,761 shares of the bank’s stock valued at $444,000 after purchasing an additional 4,266 shares during the last quarter. International Assets Investment Management LLC acquired a new position in Bank of New York Mellon during the first quarter valued at approximately $235,000. Toronto Dominion Bank boosted its position in shares of Bank of New York Mellon by 24.8% in the first quarter. Toronto Dominion Bank now owns 521,792 shares of the bank’s stock valued at $23,697,000 after acquiring an additional 103,846 shares during the period. Finally, Two Sigma Advisers LP boosted its position in shares of Bank of New York Mellon by 7.9% in the fourth quarter. Two Sigma Advisers LP now owns 2,152,800 shares of the bank’s stock valued at $97,995,000 after acquiring an additional 158,000 shares during the period. 81.29% 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.