Bank of New York Mellon (NYSE:BK) Price Target Raised to $100.00

Bank of New York Mellon (NYSE:BK) had its target price raised by Wells Fargo & Company from $96.00 to $100.00 in a report published on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

A number of other equities research analysts also recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday. 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 report on Monday, March 24th. Truist Financial lifted their price target on Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a report on Wednesday. Morgan Stanley lifted their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Evercore ISI lifted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a report on Wednesday, July 2nd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $94.38.

Bank of New York Mellon Trading Up 0.9%

Shares of BK stock opened at $98.81 on Wednesday. Bank of New York Mellon has a fifty-two week low of $60.93 and a fifty-two week high of $99.04. The stock has a market cap of $70.69 billion, a P/E ratio of 15.09, a P/E/G ratio of 0.96 and a beta of 1.07. The business has a fifty day simple moving average of $90.84 and a 200-day simple moving average of $85.22. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $1.51 earnings per share. On average, analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Shareholders of record on Friday, July 25th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.15%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president directly owned 55,115 shares of the company’s stock, valued at $4,355,738.45. This represents a 35.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently made changes to their positions in BK. TrueMark Investments LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $4,282,000. O Shaughnessy Asset Management LLC raised its stake in shares of Bank of New York Mellon by 11.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock valued at $60,426,000 after purchasing an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after buying an additional 50,368 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after buying an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. bought a new position in Bank of New York Mellon during the first quarter valued at about $5,259,000. 85.31% of the stock is owned by institutional investors and hedge funds.

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.