Bank of New York Mellon (NYSE:BK) Price Target Raised to $80.00 at The Goldman Sachs Group

Bank of New York Mellon (NYSE:BK) had its target price upped by The Goldman Sachs Group from $74.00 to $80.00 in a research note published on Thursday morning, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other research analysts also recently commented on the company. Citigroup boosted their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a neutral rating in a research note on Thursday, September 19th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an in-line rating in a research note on Monday, July 15th. Keefe, Bruyette & Woods restated an outperform rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a hold rating to a buy rating and upped their price target for the stock from $66.00 to $80.00 in a report on Monday, September 23rd. Finally, Morgan Stanley raised their price objective on Bank of New York Mellon from $65.00 to $72.00 and gave the company an equal weight rating in a report on Tuesday, July 30th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of Moderate Buy and a consensus price target of $68.88.

Bank of New York Mellon Trading Up 0.3 %

Shares of Bank of New York Mellon stock opened at $71.70 on Thursday. Bank of New York Mellon has a 1 year low of $39.66 and a 1 year high of $73.19. The company has a market capitalization of $53.62 billion, a price-to-earnings ratio of 16.59, a P/E/G ratio of 1.24 and a beta of 1.08. The business has a fifty day simple moving average of $66.74 and a two-hundred day simple moving average of $61.21. The company has a debt-to-equity ratio of 0.85, 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 data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business earned $1.38 EPS. Research analysts forecast that Bank of New York Mellon will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.62%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insider Transactions at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Centaurus Financial Inc. raised its holdings in Bank of New York Mellon by 37.7% during the 2nd quarter. Centaurus Financial Inc. now owns 6,580 shares of the bank’s stock valued at $394,000 after buying an additional 1,803 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Bank of New York Mellon by 0.9% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 387,500 shares of the bank’s stock valued at $23,207,000 after acquiring an additional 3,500 shares during the period. Heritage Wealth Management Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $600,000. Sanctuary Advisors LLC bought a new stake in shares of Bank of New York Mellon in the second quarter valued at about $5,234,000. Finally, Truist Financial Corp lifted its stake in Bank of New York Mellon by 3.3% in the second quarter. Truist Financial Corp now owns 1,734,833 shares of the bank’s stock worth $103,899,000 after acquiring an additional 55,631 shares during the period. Hedge funds and other 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.