Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, Evercore ISI Analyst Says

Bank of New York Mellon (NYSE:BK - Free Report) had its price objective increased by Evercore ISI from $83.00 to $87.00 in a research report released on Tuesday,Benzinga reports. They currently have an in-line rating on the bank's stock.

A number of other research analysts have also weighed in on the company. Citigroup lifted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. Royal Bank of Canada reiterated a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, Bank of America boosted their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. Six 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.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $90.07.

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Bank of New York Mellon Stock Performance

Shares of BK traded down $4.33 during trading hours on Tuesday, hitting $79.89. The company's stock had a trading volume of 5,261,860 shares, compared to its average volume of 3,910,950. The business has a 50 day simple moving average of $85.33 and a two-hundred day simple moving average of $79.94. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The company has a market cap of $57.36 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business 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 firm posted $1.28 EPS. The business's revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.35%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon's dividend payout ratio is currently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds have recently made changes to their positions in the business. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth $25,000. Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $28,000. REAP Financial Group LLC increased its holdings in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after buying an additional 218 shares during the period. Transce3nd LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $33,000. Finally, South Plains Financial Inc. purchased a new stake in Bank of New York Mellon during the 4th quarter valued at about $34,000. 85.31% of the stock is currently owned by 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.