Bank of New York Mellon (NYSE:BK) Raised 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 research note released on Monday.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $69.00 to $79.00 and gave the company an “equal weight” rating in a report on Monday. Citigroup upped their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Morgan Stanley raised 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 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 research report on Monday. Finally, JPMorgan Chase & Co. raised their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $76.69.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $77.30 on Monday. The stock has a market cap of $57.81 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The company has a fifty day simple moving average of $69.26 and a 200-day simple moving average of $62.83. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a 12-month low of $39.66 and a 12-month high of $77.67.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.43%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon’s payout ratio is currently 43.52%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in BK. Olistico Wealth LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $30,000. Clearstead Trust LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon in the first quarter valued at $32,000. Grove Bank & Trust boosted its stake in shares of Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the last quarter. Finally, Family Firm Inc. purchased a new stake in Bank of New York Mellon during the 2nd quarter worth about $40,000. 85.31% of the stock is owned by institutional investors and hedge funds.

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.