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

Bank of New York Mellon (NYSE:BK) had its target price lifted by Truist Financial from $97.00 to $100.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the bank’s stock.

A number of other analysts have also weighed in on the stock. Keefe, Bruyette & Woods increased their target price 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 raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley raised their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $94.38.

Bank of New York Mellon Trading Up 0.9%

BK stock opened at $98.81 on Wednesday. Bank of New York Mellon has a one year low of $60.93 and a one year high of $99.04. The company has a market capitalization of $70.69 billion, a PE ratio of 15.09, a price-to-earnings-growth ratio of 0.96 and a beta of 1.07. The company’s 50 day moving average price is $90.84 and its two-hundred day moving average price is $85.22. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The business had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the previous year, the firm earned $1.51 EPS. The business’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, 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 Increases Dividend

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

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the business’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 transaction of $2,370,900.00. Following the completion of the transaction, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently modified their holdings of the company. BSW Wealth Partners grew its holdings in Bank of New York Mellon by 4.2% during the 2nd quarter. BSW Wealth Partners now owns 5,162 shares of the bank’s stock valued at $470,000 after buying an additional 209 shares in the last quarter. Woodward Diversified Capital LLC boosted its position in shares of Bank of New York Mellon by 56.1% during the second quarter. Woodward Diversified Capital LLC now owns 7,585 shares of the bank’s stock worth $691,000 after acquiring an additional 2,725 shares during the last quarter. New Wave Wealth Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 1.9% during the 2nd quarter. New Wave Wealth Advisors LLC now owns 7,199 shares of the bank’s stock valued at $656,000 after purchasing an additional 131 shares during the last quarter. SOA Wealth Advisors LLC. boosted its holdings in shares of Bank of New York Mellon by 1,225.9% during the 2nd quarter. SOA Wealth Advisors LLC. now owns 7,160 shares of the bank’s stock valued at $652,000 after purchasing an additional 6,620 shares during the last quarter. Finally, First Pacific Financial bought a new stake in shares of Bank of New York Mellon in the second quarter worth about $4,302,000. 85.31% of the stock is currently owned by institutional investors.

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.