Royal Bank of Canada Reaffirms “Sector Perform” Rating for Bank of New York Mellon (NYSE:BK)

Royal Bank of Canada reissued their sector perform rating on shares of Bank of New York Mellon (NYSE:BK) in a research note published on Monday morning, Benzinga reports. They currently have a $79.00 price objective on the bank’s stock.

Several other equities analysts also recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a buy rating in a research note on Thursday, September 26th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a hold rating to a buy rating and boosted their target price for the stock from $66.00 to $80.00 in a report on Monday, September 23rd. Morgan Stanley lifted their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an equal weight rating in a research report on Monday, September 30th. Barclays upped their target price on Bank of New York Mellon from $75.00 to $86.00 and gave the company an overweight rating in a report on Monday. Finally, Evercore ISI lifted their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an in-line rating in a report on Monday. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $76.69.

Bank of New York Mellon Stock Performance

BK opened at $76.51 on Monday. The firm’s fifty day simple moving average is $68.67 and its two-hundred day simple moving average is $62.60. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $76.61. The company has a market cap of $57.22 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 1.16 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last released 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 return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter last year, the business posted $1.38 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities analysts anticipate that Bank of New York Mellon will post 5.66 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.46%. Bank of New York Mellon’s payout ratio is currently 43.52%.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after acquiring an additional 421,161 shares during the period. Victory Capital Management Inc. raised its position in Bank of New York Mellon by 2.2% in the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock valued at $490,640,000 after purchasing an additional 179,503 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Bank of New York Mellon by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock valued at $482,597,000 after buying an additional 97,286 shares during the period. LSV Asset Management grew its position in shares of Bank of New York Mellon by 3.9% during the second quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock worth $453,315,000 after buying an additional 286,820 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Bank of New York Mellon by 6.7% during the second quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank’s stock worth $434,370,000 after buying an additional 454,151 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.