Bank of New York Mellon (NYSE:BK) Rating Increased to Outperform at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon (NYSE:BK) from a market perform rating to an outperform rating in a research note published on Thursday morning, Marketbeat Ratings reports. They currently have $70.00 price objective on the bank’s stock, up from their prior price objective of $60.00.

BK has been the subject of several other reports. Evercore ISI boosted their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an in-line rating in a research note on Thursday, April 4th. Jefferies Financial Group increased their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a buy rating in a research report on Thursday, April 18th. Bank of America raised their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a buy rating in a report on Wednesday, April 17th. Royal Bank of Canada reissued a sector perform rating and set a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Finally, Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an equal weight rating in a research note on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $61.15.

Bank of New York Mellon Price Performance

NYSE:BK opened at $59.89 on Thursday. Bank of New York Mellon has a 52 week low of $39.66 and a 52 week high of $60.87. The stock has a market capitalization of $44.79 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The stock’s 50-day moving average price is $58.45 and its 200-day moving average price is $56.03.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the prior year, the firm earned $1.13 earnings per share. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities analysts expect that Bank of New York Mellon will post 5.45 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 9th. Shareholders of record on Friday, April 26th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Catherine Keating sold 54,070 shares of the stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. In the last three months, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of BK. Natixis Advisors L.P. increased its holdings in shares of Bank of New York Mellon by 71.1% during the 3rd quarter. Natixis Advisors L.P. now owns 238,260 shares of the bank’s stock valued at $10,162,000 after acquiring an additional 99,047 shares during the last quarter. Trexquant Investment LP bought a new stake in Bank of New York Mellon during the third quarter worth approximately $1,669,000. Qube Research & Technologies Ltd acquired a new position in Bank of New York Mellon during the third quarter valued at approximately $12,031,000. Tower Research Capital LLC TRC raised its position in shares of Bank of New York Mellon by 184.9% in the third quarter. Tower Research Capital LLC TRC now owns 35,120 shares of the bank’s stock valued at $1,498,000 after purchasing an additional 22,792 shares during the period. Finally, Bank of Nova Scotia lifted its stake in shares of Bank of New York Mellon by 1,191.2% in the third quarter. Bank of Nova Scotia now owns 749,193 shares of the bank’s stock worth $31,953,000 after buying an additional 691,172 shares during the last quarter. 85.31% of the stock is 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.