Bank of New York Mellon (NYSE:BK) Price Target Raised to $86.00

Bank of New York Mellon (NYSE:BK) had its price objective upped by Wells Fargo & Company from $82.00 to $86.00 in a report issued on Thursday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Several other analysts also recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Citigroup upped their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Morgan Stanley decreased their price target on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $82.28 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $59.83 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The firm has a 50-day moving average price of $78.65 and a two-hundred day moving average price of $72.01. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $82.72.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the company posted $1.28 EPS. The company’s revenue was up 11.2% on a year-over-year basis. As a group, research analysts expect that Bank of New York Mellon will post 5.87 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s payout ratio is currently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC lifted its stake in shares of Bank of New York Mellon by 45.4% in the 2nd quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock valued at $650,000 after purchasing an additional 3,389 shares in the last quarter. Argent Trust Co raised its holdings in Bank of New York Mellon by 10.5% in the second quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock valued at $1,309,000 after buying an additional 2,072 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its position in Bank of New York Mellon by 3.7% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,937 shares of the bank’s stock valued at $1,493,000 after buying an additional 897 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its stake in Bank of New York Mellon by 7.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 86,502 shares of the bank’s stock worth $5,176,000 after buying an additional 6,033 shares during the period. Finally, Blair William & Co. IL increased its position in shares of Bank of New York Mellon by 10.7% in the second quarter. Blair William & Co. IL now owns 23,691 shares of the bank’s stock worth $1,419,000 after acquiring an additional 2,298 shares in the last quarter. 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.