Bank of New York Mellon (NYSE:BK) Price Target Raised to $90.00

Bank of New York Mellon (NYSE:BK) had its price objective upped by Evercore ISI from $88.00 to $90.00 in a research report released on Wednesday morning,Benzinga reports. Evercore ISI currently has an in-line rating on the bank’s stock.

Several other brokerages have also weighed in on BK. Royal Bank Of Canada restated a “sector perform” rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Truist Financial lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and lifted their price target for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Citigroup lifted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Finally, Morgan Stanley boosted their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 3rd. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.08.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $91.93 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. Bank of New York Mellon has a twelve month low of $59.19 and a twelve month high of $92.85. The business has a 50-day moving average price of $88.32 and a 200 day moving average price of $84.01. The firm has a market cap of $65.77 billion, a PE ratio of 14.97, a P/E/G ratio of 1.03 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same quarter in the previous year, the business earned $1.29 EPS. Bank of New York Mellon’s revenue for the quarter was up 5.9% compared to the same quarter last year. Sell-side analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president directly owned 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider owned 21,679 shares in the company, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last ninety days. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sax Wealth Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock worth $443,000 after purchasing an additional 117 shares during the last quarter. Capital Analysts LLC boosted its holdings in shares of Bank of New York Mellon by 3.7% during the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank’s stock worth $255,000 after purchasing an additional 119 shares during the last quarter. Hemington Wealth Management lifted its holdings in Bank of New York Mellon by 8.0% in the first quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock valued at $136,000 after acquiring an additional 121 shares during the last quarter. Y.D. More Investments Ltd lifted its holdings in Bank of New York Mellon by 13.8% in the first quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock valued at $86,000 after acquiring an additional 125 shares during the last quarter. Finally, Resources Management Corp CT ADV lifted its holdings in Bank of New York Mellon by 5.9% in the first quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank’s stock valued at $190,000 after acquiring an additional 125 shares during the last quarter. 85.31% of the stock is currently 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.