Bank of New York Mellon (NYSE:BK) Price Target Raised to $85.00

Bank of New York Mellon (NYSE:BK) had its price objective upped by Citigroup from $82.00 to $85.00 in a research report sent to investors on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the bank’s stock.

Several other brokerages also recently weighed in on BK. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Evercore ISI lifted their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Morgan Stanley upped their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target of $89.71.

Bank of New York Mellon Trading Down 0.2 %

BK stock opened at $85.07 on Monday. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $90.34. The firm’s 50-day moving average is $85.31 and its 200 day moving average is $79.39. The company has a market capitalization of $61.08 billion, a PE ratio of 14.64, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $1.28 earnings per share. On average, research analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently made changes to their positions in the company. State Street Corp increased its stake in Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after acquiring an additional 659,096 shares during the last quarter. FMR LLC increased its position in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Norges Bank purchased a new stake in Bank of New York Mellon in the 4th quarter valued at about $1,150,462,000. Ameriprise Financial Inc. lifted its position in Bank of New York Mellon by 0.3% in the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock valued at $908,281,000 after buying an additional 35,413 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after buying an additional 1,526,686 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.