Bank of New York Mellon (NYSE:BK) Price Target Raised to $95.00

Bank of New York Mellon (NYSE:BK) had its target price lifted by Bank of America from $90.00 to $95.00 in a research report sent to investors on Thursday,Benzinga reports. Bank of America currently has a buy rating on the bank’s stock.

A number of other brokerages have also recently weighed in on BK. Morgan Stanley lowered their price target on Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. JPMorgan Chase & Co. lifted their price target 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. Citigroup upped their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Truist Financial lifted their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday. Finally, UBS Group increased their price target on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $87.14.

Bank of New York Mellon Trading Up 1.3 %

Shares of Bank of New York Mellon stock opened at $83.31 on Thursday. The company’s fifty day moving average price is $78.87 and its two-hundred day moving average price is $72.24. The firm has a market capitalization of $60.57 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $83.67. 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 posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion during 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 quarter in the prior year, the business posted $1.28 earnings per share. On average, analysts expect that Bank of New York Mellon will post 5.87 EPS for the current year.

Bank of New York Mellon Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. McClarren Financial Advisors Inc. lifted its holdings in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares in the last quarter. Fortitude Family Office LLC raised its holdings in Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares during the period. Grove Bank & Trust lifted its stake in Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after buying an additional 144 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Bank of New York Mellon in the third quarter valued at approximately $46,000. Finally, Modus Advisors LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter worth $49,000. 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.