Citigroup Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its target price upped by Citigroup from $82.00 to $85.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Other research analysts have also issued reports about the company. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Truist Financial lifted their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Barclays raised their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.71.

Bank of New York Mellon Stock Performance

NYSE BK opened at $85.07 on Monday. The company has a market cap of $61.08 billion, a P/E ratio of 14.64, a P/E/G ratio of 0.97 and a beta of 1.06. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The stock has a 50-day moving average of $85.31 and a two-hundred day moving average of $79.39.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the firm earned $1.28 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is currently 32.36%.

Institutional Inflows and Outflows

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