The Goldman Sachs Group Raises Bank of New York Mellon (NYSE:BK) Price Target to $80.00

Bank of New York Mellon (NYSE:BK - Free Report) had its price objective increased by The Goldman Sachs Group from $74.00 to $80.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the bank's stock.

Several other research analysts have also issued reports on BK. Evercore ISI increased their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reiterated an outperform rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a hold rating to a buy rating and increased their target price for the stock from $66.00 to $80.00 in a report on Monday. Citigroup increased their target price 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. Finally, Barclays increased their target price on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an overweight rating in a report on Monday, July 15th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $68.88.

Bank of New York Mellon Trading Down 0.9 %

Shares of BK stock traded down $0.67 during mid-day trading on Thursday, hitting $71.50. 4,700,612 shares of the company's stock were exchanged, compared to its average volume of 3,833,159. Bank of New York Mellon has a fifty-two week low of $39.66 and a fifty-two week high of $73.19. The stock has a market cap of $52.76 billion, a price-to-earnings ratio of 16.70, a PEG ratio of 1.24 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The stock has a 50-day simple moving average of $66.40 and a two-hundred day simple moving average of $61.02.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its 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 company had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the previous year, the firm posted $1.38 earnings per share. Bank of New York Mellon's quarterly revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that Bank of New York Mellon will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a dividend of $0.47 per share. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon's dividend payout ratio is currently 43.52%.

Insider Activity at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares of the company's stock, valued at approximately $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

A number of institutional investors have recently bought and sold shares of BK. Vanguard Group Inc. raised its holdings in shares of Bank of New York Mellon by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank's stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares in the last quarter. Marshall Wace LLP boosted its position in Bank of New York Mellon by 99.4% in the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank's stock valued at $157,583,000 after buying an additional 1,311,969 shares during the last quarter. KBC Group NV boosted its position in Bank of New York Mellon by 217.0% in the fourth quarter. KBC Group NV now owns 1,528,492 shares of the bank's stock valued at $79,558,000 after buying an additional 1,046,298 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in Bank of New York Mellon by 6,040.9% in the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank's stock valued at $62,154,000 after acquiring an additional 1,020,906 shares during the period. Finally, M&G Plc acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $55,543,000. 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.