Bank of New York Mellon (NYSE:BK) Price Target Raised to $78.00

Bank of New York Mellon (NYSE:BK) had its price objective upped by Morgan Stanley from $72.00 to $78.00 in a research report released on Monday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the bank’s stock.

A number of other equities research analysts have also recently commented on BK. Barclays raised their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an overweight rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. The Goldman Sachs Group lifted their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a buy rating in a research note on Thursday, September 26th. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a hold rating to a buy rating and lifted their target price for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $69.38.

Bank of New York Mellon Stock Down 0.2 %

Bank of New York Mellon stock opened at $70.82 on Monday. The business’s 50-day moving average price is $67.33 and its 200 day moving average price is $61.66. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm has a market cap of $52.96 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08. Bank of New York Mellon has a 52 week low of $39.66 and a 52 week high of $73.19.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same period in the previous year, the firm earned $1.38 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of New York Mellon will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares during the last quarter. Marshall Wace LLP boosted its holdings in Bank of New York Mellon by 99.4% in the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after purchasing an additional 1,311,969 shares during the period. Panagora Asset Management Inc. increased its holdings in Bank of New York Mellon by 6,040.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock worth $62,154,000 after purchasing an additional 1,020,906 shares during the period. M&G Plc acquired a new stake in Bank of New York Mellon in the 1st quarter valued at about $55,543,000. Finally, Putnam Investments LLC boosted its stake in shares of Bank of New York Mellon by 224.9% in the 4th quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock valued at $52,105,000 after buying an additional 692,910 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.