Bank of New York Mellon (NYSE:BK) Lifted to Buy at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon (NYSE:BK) from a hold rating to a buy rating in a report issued on Monday, MarketBeat reports. The brokerage currently has $80.00 price objective on the bank’s stock, up from their previous price objective of $66.00.

BK has been the topic of a number of other reports. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an in-line rating in a research report on Monday, July 15th. Barclays boosted their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an overweight rating in a research report on Monday, July 15th. Citigroup raised their price objective on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a neutral rating in a report on Thursday, September 19th. Keefe, Bruyette & Woods reiterated an outperform rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Finally, Morgan Stanley raised their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the company an equal weight rating in a research note on Tuesday, July 30th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $67.86.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $72.17 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average price of $66.24 and a 200-day moving average price of $60.95. The company has a market cap of $53.26 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $73.19.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the prior year, the company posted $1.38 EPS. Bank of New York Mellon’s quarterly revenue was up 2.1% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of New York Mellon will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.60%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon’s payout ratio is 43.52%.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the business. Commerzbank Aktiengesellschaft FI boosted its position in shares of Bank of New York Mellon by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock valued at $231,000 after buying an additional 165 shares during the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Bank of New York Mellon by 3.8% during the 2nd quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock valued at $281,000 after acquiring an additional 171 shares during the last quarter. Greenleaf Trust grew its stake in shares of Bank of New York Mellon by 0.7% in the first quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after acquiring an additional 187 shares during the period. 1858 Wealth Management LLC raised its holdings in shares of Bank of New York Mellon by 4.0% during the second quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after purchasing an additional 188 shares during the last quarter. Finally, Semmax Financial Advisors Inc. lifted its position in Bank of New York Mellon by 1.9% during the first quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock valued at $591,000 after purchasing an additional 189 shares during the period. 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.