Bank of New York Mellon (NYSE:BK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Bank of New York Mellon (NYSE:BK) from a hold rating to a buy rating in a research report report published on Tuesday.

Several other research firms have also commented on BK. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Barclays raised their price objective on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. raised their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Finally, Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a research note on Friday, November 15th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $77.23.

Bank of New York Mellon Trading Down 1.3 %

Shares of BK stock opened at $77.60 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $56.42 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The company has a 50-day moving average of $74.41 and a two-hundred day moving average of $66.32. Bank of New York Mellon has a 1-year low of $46.71 and a 1-year high of $80.29.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.11. The company had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. On average, analysts predict that Bank of New York Mellon will post 5.82 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were issued a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.42%. Bank of New York Mellon’s payout ratio is currently 40.87%.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This trade represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares in the company, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of BK. Blair William & Co. IL grew its position in shares of Bank of New York Mellon by 1.6% during the first quarter. Blair William & Co. IL now owns 21,393 shares of the bank’s stock worth $1,233,000 after acquiring an additional 338 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of Bank of New York Mellon by 160,472.7% during the first quarter. Acadian Asset Management LLC now owns 52,989 shares of the bank’s stock worth $3,051,000 after acquiring an additional 52,956 shares during the last quarter. Covestor Ltd grew its position in shares of Bank of New York Mellon by 31.5% during the first quarter. Covestor Ltd now owns 1,398 shares of the bank’s stock worth $80,000 after acquiring an additional 335 shares during the last quarter. Bessemer Group Inc. grew its position in shares of Bank of New York Mellon by 128.8% during the first quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock worth $1,771,000 after acquiring an additional 17,312 shares during the last quarter. Finally, Lake Street Advisors Group LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth approximately $261,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of New York Mellon

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.