Bank of New York Mellon (NYSE:BK) Price Target Raised to $96.00

Bank of New York Mellon (NYSE:BK - Free Report) had its price objective boosted by Wells Fargo & Company from $86.00 to $96.00 in a report released on Monday morning,Benzinga reports. They currently have an equal weight rating on the bank's stock.

A number of other analysts have also recently commented on the company. Morgan Stanley lifted their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an "in-line" rating in a report on Thursday, January 16th. StockNews.com downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Bank of America lifted their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods boosted their price target on 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. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of "Moderate Buy" and an average target price of $88.71.

Bank of New York Mellon Price Performance

BK traded down $0.63 during midday trading on Monday, reaching $88.32. 4,374,784 shares of the company's stock were exchanged, compared to its average volume of 4,214,189. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $90.34. The stock has a market capitalization of $64.22 billion, a PE ratio of 15.20, a P/E/G ratio of 0.97 and a beta of 1.08. 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 business's 50-day moving average price is $83.24 and its 200 day moving average price is $77.46.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company's quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. As a group, equities analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon's dividend payout ratio is currently 32.36%.

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp grew its stake in Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank's stock worth $2,393,915,000 after buying an additional 659,096 shares during the period. FMR LLC boosted its position in Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the period. Norges Bank acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $1,150,462,000. Ameriprise Financial Inc. increased its holdings in Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after purchasing an additional 35,413 shares in the last quarter. Finally, Northern Trust Corp raised its position in Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after purchasing an additional 1,526,686 shares during the period. Institutional investors and hedge funds own 85.31% of the company's stock.

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.