Bank of New York Mellon (NYSE:BK) Price Target Raised to $86.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by Wells Fargo & Company from $82.00 to $86.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other equities research analysts also recently issued reports on BK. Morgan Stanley decreased their price target on Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Barclays upped their target price on shares of Bank of New York Mellon from $86.00 to $102.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial initiated coverage on shares of Bank of New York Mellon in a research report on Tuesday, January 7th. They set a “buy” rating and a $91.00 price target on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Finally, Citigroup lifted their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Stock Performance

BK opened at $83.31 on Thursday. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $83.67. The company has a market cap of $60.57 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 0.76 and a beta of 1.08. The company’s fifty day moving average price is $78.87 and its two-hundred day moving average price is $72.24. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.28 EPS. On average, analysts expect that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.26%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently modified their holdings of the business. Studio Investment Management LLC boosted its holdings in Bank of New York Mellon by 2.1% in the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after buying an additional 134 shares during the period. Stanley Laman Group Ltd. boosted its holdings in shares of Bank of New York Mellon by 2.2% in the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after acquiring an additional 135 shares during the period. Grove Bank & Trust boosted its holdings in shares of Bank of New York Mellon by 21.0% in the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after acquiring an additional 135 shares during the period. Avidian Wealth Enterprises LLC raised its stake in shares of Bank of New York Mellon by 2.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after purchasing an additional 137 shares during the period. Finally, Frank Rimerman Advisors LLC raised its stake in shares of Bank of New York Mellon by 1.1% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after purchasing an additional 142 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.