Bank of New York Mellon (NYSE:BK) PT Raised to $63.00

Bank of New York Mellon (NYSE:BK) had its price objective raised by Morgan Stanley from $62.00 to $63.00 in a report released on Thursday. Morgan Stanley currently has an equal weight rating on the bank’s stock.

A number of other research analysts have also recently commented on BK. Evercore ISI raised their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an in-line rating in a research report on Thursday, April 4th. UBS Group raised their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a buy rating in a research report on Tuesday, January 9th. Bank of America raised their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a buy rating in a research report on Wednesday, April 17th. Royal Bank of Canada reaffirmed a sector perform rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, Jefferies Financial Group raised their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a buy rating in a research report on Thursday. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of Moderate Buy and an average price target of $60.17.

Bank of New York Mellon Stock Up 0.9 %

BK stock traded up $0.51 during midday trading on Thursday, hitting $56.80. The company’s stock had a trading volume of 647,312 shares, compared to its average volume of 3,979,891. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. Bank of New York Mellon has a twelve month low of $39.65 and a twelve month high of $58.28. The company’s fifty day moving average price is $55.76 and its 200 day moving average price is $51.37. The stock has a market capitalization of $42.76 billion, a P/E ratio of 13.87, a PEG ratio of 1.21 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.13 EPS. As a group, equities research analysts predict that Bank of New York Mellon will post 5.42 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a dividend of $0.42 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.96%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently bought and sold shares of BK. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Bank of New York Mellon by 22.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 222,781 shares of the bank’s stock valued at $11,596,000 after purchasing an additional 40,969 shares in the last quarter. Trust Point Inc. purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at $310,000. WCG Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon during the 3rd quarter valued at $1,552,000. Meeder Asset Management Inc. purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at $1,298,000. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Bank of New York Mellon by 22.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,557,750 shares of the bank’s stock valued at $109,088,000 after purchasing an additional 465,229 shares in the last quarter. 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.