Bank of New York Mellon’s (BK) Sector Perform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Bank of New York Mellon (NYSE:BK) in a report issued on Monday morning,Benzinga reports. They currently have a $90.00 target price on the bank’s stock.

Several other research analysts have also commented on the company. Truist Financial boosted their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup upped their target price on 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, Wells Fargo & Company boosted their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $89.50.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $83.95 on Monday. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $90.34. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a fifty day simple moving average of $84.60 and a two-hundred day simple moving average of $78.80. The stock has a market capitalization of $60.27 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 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 business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the firm posted $1.28 EPS. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, analysts predict that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.24%. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. 111 Capital purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $477,000. Wealth Enhancement Advisory Services LLC increased its stake in Bank of New York Mellon by 93.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 173,070 shares of the bank’s stock worth $13,297,000 after acquiring an additional 83,649 shares during the last quarter. Park Square Financial Group LLC purchased a new stake in Bank of New York Mellon in the fourth quarter valued at $158,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $61,945,000. Finally, REAP Financial Group LLC increased its position in shares of Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

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.