Bank of New York Mellon (NYSE:BK) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Bank of New York Mellon (NYSE:BK) from a hold rating to a buy rating in a report released on Tuesday morning.

Several other research firms have also issued reports on BK. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Citigroup increased their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Bank of America boosted their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company increased their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Stock Performance

Shares of BK opened at $86.52 on Tuesday. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $86.69. The company’s 50 day simple moving average is $79.67 and its 200 day simple moving average is $73.44. The company has a market capitalization of $62.90 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 0.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm earned $1.28 earnings per share. Bank of New York Mellon’s revenue was up 11.2% compared to the same quarter last year. On average, sell-side analysts predict that Bank of New York Mellon will post 6.86 EPS for the current year.

Bank of New York Mellon Announces Dividend

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 dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BK. McClarren Financial Advisors Inc. raised its stake in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after acquiring an additional 346 shares in the last quarter. Fortitude Family Office LLC grew its holdings in shares of Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares during the last quarter. Modus Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $49,000. Ashton Thomas Securities LLC acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter worth about $46,000. Finally, Grove Bank & Trust lifted its holdings in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares during the last quarter. 85.31% of the stock is owned by 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.