Bank of New York Mellon (NYSE:BK) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Bank of New York Mellon (NYSE:BK) in a research report released on Monday morning,Benzinga reports. They currently have a $90.00 target price on the bank’s stock.

A number of other brokerages also recently weighed in on BK. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Morgan Stanley upped their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Evercore ISI increased their price objective on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. UBS Group increased their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Citigroup increased their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $89.50.

Bank of New York Mellon Price Performance

Shares of BK opened at $82.47 on Monday. The company has a market capitalization of $59.21 billion, a price-to-earnings ratio of 14.19, a P/E/G ratio of 0.97 and a beta of 1.06. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The business’s 50-day moving average is $84.39 and its 200-day moving average is $78.66.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 EPS. Equities research analysts expect that Bank of New York Mellon will post 6.96 EPS 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, February 7th. Shareholders of record on Monday, January 27th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.28%. Bank of New York Mellon’s payout ratio is currently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $1,150,462,000. FMR LLC boosted its position in shares of Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after acquiring an additional 8,512,404 shares during the period. Wellington Management Group LLP boosted its position in shares of Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after acquiring an additional 3,142,869 shares during the period. Northern Trust Corp boosted its position in shares of Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock valued at $732,468,000 after acquiring an additional 1,526,686 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $90,955,000. Institutional investors own 85.31% of the company’s stock.

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.