Bank of New York Mellon (NYSE:BK) Price Target Raised to $104.00

Bank of New York Mellon (NYSE:BK) had its price objective boosted by Barclays from $102.00 to $104.00 in a research note issued to investors on Thursday morning,Benzinga reports. Barclays currently has an overweight rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Bank of America boosted their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday. Morgan Stanley reduced their target price on Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Citigroup increased their target price 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. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.14.

Bank of New York Mellon Stock Up 1.3 %

Shares of NYSE BK opened at $83.31 on Thursday. The business’s fifty day moving average price is $78.87 and its 200-day moving average price is $72.24. Bank of New York Mellon has a one year low of $52.64 and a one year high of $83.67. The stock has a market capitalization of $60.57 billion, a PE ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08. 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 issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the business earned $1.28 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts anticipate that Bank of New York Mellon will post 5.87 EPS for the current year.

Bank of New York Mellon Dividend Announcement

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Axxcess Wealth Management LLC raised its position in Bank of New York Mellon by 45.4% in the 2nd quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock worth $650,000 after purchasing an additional 3,389 shares during the period. Argent Trust Co increased its holdings in shares of Bank of New York Mellon by 10.5% in the second quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock worth $1,309,000 after buying an additional 2,072 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Bank of New York Mellon by 3.7% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,937 shares of the bank’s stock valued at $1,493,000 after acquiring an additional 897 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Bank of New York Mellon by 7.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 86,502 shares of the bank’s stock valued at $5,176,000 after acquiring an additional 6,033 shares during the period. Finally, Blair William & Co. IL grew its position in Bank of New York Mellon by 10.7% during the 2nd quarter. Blair William & Co. IL now owns 23,691 shares of the bank’s stock worth $1,419,000 after acquiring an additional 2,298 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.