Bank of New York Mellon (NYSE:BK) Upgraded to “Outperform” by Keefe, Bruyette & Woods

Bank of New York Mellon (NYSE:BK) was upgraded by investment analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. The firm presently has a $70.00 price objective on the bank’s stock, up from their previous price objective of $60.00. Keefe, Bruyette & Woods’ target price indicates a potential upside of 16.86% from the stock’s previous close.

A number of other equities analysts have also commented on BK. 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 restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Jefferies Financial Group raised 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 note on Thursday, April 18th. Evercore ISI increased their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research note on Thursday, April 4th. Finally, Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.15.

Bank of New York Mellon Trading Up 0.6 %

BK opened at $59.90 on Thursday. The firm has a market capitalization of $44.79 billion, a PE ratio of 14.61, a P/E/G ratio of 1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. Bank of New York Mellon has a fifty-two week low of $39.66 and a fifty-two week high of $60.87. The company’s 50-day moving average is $58.45 and its 200 day moving average is $55.99.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. As a group, research analysts predict that Bank of New York Mellon will post 5.45 earnings per share for the current fiscal year.

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 shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, VP Catherine Keating sold 54,070 shares of the stock in a transaction on Thursday, April 18th. The shares were 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 directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following 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 ninety days, insiders sold 115,928 shares of company stock worth $6,475,216. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quent Capital LLC increased its stake in Bank of New York Mellon by 3.8% during the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth $262,000 after acquiring an additional 182 shares during the last quarter. Hartford Financial Management Inc. boosted its position in Bank of New York Mellon by 41.4% in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares during the period. Greenleaf Trust lifted its holdings in shares of Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after buying an additional 187 shares during the period. Semmax Financial Advisors Inc. grew its position in shares of Bank of New York Mellon by 1.9% during the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after buying an additional 189 shares in the last quarter. Finally, Vivaldi Capital Management LP boosted its stake in shares of Bank of New York Mellon by 3.3% during the fourth quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock valued at $324,000 after purchasing an additional 192 shares in the last quarter. Institutional investors 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.