Bank of New York Mellon (NYSE:BK) Price Target Raised to $66.00

Bank of New York Mellon (NYSE:BK) had its price target hoisted by Evercore ISI from $61.00 to $66.00 in a report released on Monday, Benzinga reports. The firm currently has an in-line rating on the bank’s stock.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $63.00 to $65.00 and gave the stock an equal weight rating in a report on Monday. Royal Bank of Canada reaffirmed a sector perform rating and issued a $58.00 target price on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Barclays lifted their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an overweight rating in a report on Monday. Citigroup downgraded shares of Bank of New York Mellon from a buy rating to a neutral rating and set a $65.00 price objective on the stock. in a report on Monday. Finally, Bank of America upped their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a buy rating in a report on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $65.23.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $64.09 on Monday. The firm has a 50 day simple moving average of $59.65 and a 200-day simple moving average of $56.95. Bank of New York Mellon has a 1-year low of $39.66 and a 1-year high of $65.90. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.71. The stock has a market cap of $47.93 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 1.31 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the company posted $1.38 EPS. On average, analysts expect that Bank of New York Mellon will post 5.55 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be given a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.93%. Bank of New York Mellon’s dividend payout ratio is 38.89%.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the completion of the transaction, the executive vice president now directly owns 100,404 shares in the company, valued at $5,637,684.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now directly owns 24,346 shares in the company, valued at approximately $1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now directly owns 100,404 shares in the company, valued at $5,637,684.60. The disclosure for this sale can be found here. Insiders sold 61,858 shares of company stock valued at $3,507,854 over the last 90 days. Corporate insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of the business. Welch Group LLC increased its stake in Bank of New York Mellon by 217.4% during the 2nd quarter. Welch Group LLC now owns 16,936 shares of the bank’s stock valued at $1,014,000 after buying an additional 11,600 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of Bank of New York Mellon during the second quarter worth approximately $219,000. PGGM Investments boosted its holdings in shares of Bank of New York Mellon by 5.0% during the second quarter. PGGM Investments now owns 190,368 shares of the bank’s stock worth $11,401,000 after purchasing an additional 9,119 shares during the period. Patton Fund Management Inc. bought a new position in Bank of New York Mellon during the second quarter valued at approximately $5,025,000. Finally, Bill Few Associates Inc. bought a new position in Bank of New York Mellon during the second quarter valued at approximately $203,000. 85.31% of the stock is 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.