Bank of New York Mellon (NYSE:BK) Price Target Raised to $86.00 at Wells Fargo & Company

Bank of New York Mellon (NYSE:BK) had its price objective hoisted by Wells Fargo & Company from $82.00 to $86.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

BK has been the subject of several other reports. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. UBS Group raised their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Citigroup upped their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Finally, Truist Financial initiated coverage on shares of Bank of New York Mellon in a research report on Tuesday, January 7th. They set a “buy” rating and a $91.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.14.

Bank of New York Mellon Stock Performance

Shares of BK opened at $82.28 on Thursday. The company has a market capitalization of $59.83 billion, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $82.72. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average price of $78.65 and a 200 day moving average price of $72.01.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the business posted $1.28 EPS. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. Research analysts predict that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed 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 is 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%.

Hedge Funds Weigh In On Bank of New York Mellon

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