Bank of New York Mellon (NYSE:BK) Given Sector Perform Rating at Royal Bank of Canada

Bank of New York Mellon (NYSE:BK)‘s stock had its “sector perform” rating reiterated by stock analysts at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They currently have a $58.00 price objective on the bank’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 2.17% from the company’s previous close.

Several other research analysts also recently commented on BK. JPMorgan Chase & Co. raised Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 target price for the company in a research note on Monday, December 18th. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. UBS Group boosted their price target on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Finally, Citigroup boosted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.65.

Bank of New York Mellon Price Performance

BK stock traded up $0.16 during midday trading on Wednesday, reaching $56.77. The company had a trading volume of 372,322 shares, compared to its average volume of 4,009,879. The company has a market capitalization of $42.74 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.20 and a beta of 1.11. The stock has a 50 day moving average price of $55.36 and a 200-day moving average price of $49.66. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $57.45. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, January 12th. The bank reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.16. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.30 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. Bank of New York Mellon’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.30 earnings per share. Equities research analysts expect that Bank of New York Mellon will post 5.26 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,425 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total transaction of $850,843.00. Following the transaction, the vice president now directly owns 119,656 shares in the company, valued at approximately $6,600,224.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Hanneke Smits sold 15,425 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total value of $850,843.00. Following the completion of the transaction, the vice president now owns 119,656 shares in the company, valued at $6,600,224.96. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Bank of New York Mellon by 6.1% during the 4th 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. State Street Corp lifted its stake in Bank of New York Mellon by 1.7% during the 2nd quarter. State Street Corp now owns 31,433,413 shares of the bank’s stock valued at $1,399,416,000 after acquiring an additional 526,561 shares in the last quarter. Artisan Partners Limited Partnership lifted its stake in Bank of New York Mellon by 0.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock valued at $1,030,254,000 after acquiring an additional 144,162 shares in the last quarter. Norges Bank bought a new position in Bank of New York Mellon during the 4th quarter valued at $813,701,000. Finally, Geode Capital Management LLC lifted its stake in Bank of New York Mellon by 1.5% during the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock valued at $693,747,000 after acquiring an additional 227,602 shares in the last quarter. 85.31% of the stock is currently owned by 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.