Bank of New York Mellon (NYSE:BK) Price Target Raised to $95.00 at Bank of America

Bank of New York Mellon (NYSE:BK) had its price objective boosted by Bank of America from $90.00 to $95.00 in a report published on Thursday morning,Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other analysts have also commented on BK. Citigroup lifted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday. Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Wells Fargo & Company boosted their price objective on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Evercore ISI increased their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Stock Performance

NYSE BK opened at $82.28 on Thursday. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $82.72. The firm 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 stock’s fifty day moving average is $78.65 and its two-hundred day moving average is $72.01. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the company posted $1.28 EPS. The company’s revenue was up 11.2% compared to the same quarter last year. On average, research analysts anticipate that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its position in shares of Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after buying an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP grew its holdings in Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares in the last quarter. Marshall Wace LLP increased its position in shares of Bank of New York Mellon by 99.4% in the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after purchasing an additional 1,311,969 shares during the last quarter. Zacks Investment Management acquired a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at $62,589,000. Finally, State Street Corp lifted its position in shares of Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.