Bank of New York Mellon (NYSE:BK) Price Target Raised to $124.00

Bank of New York Mellon (NYSE:BK) had its price objective increased by Morgan Stanley from $118.00 to $124.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other research analysts have also issued reports about the company. Barclays lifted their target price on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Truist Financial increased their target price on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, October 17th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of New York Mellon in a report on Monday. Citigroup lifted their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Finally, Wells Fargo & Company upped their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.86.

Bank of New York Mellon Stock Up 1.2%

BK stock opened at $115.79 on Wednesday. The firm’s 50-day moving average is $110.43 and its two-hundred day moving average is $103.46. The company has a market capitalization of $80.74 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.04 and a beta of 1.12. Bank of New York Mellon has a 52 week low of $70.46 and a 52 week high of $119.40. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The business had revenue of $5.07 billion for the quarter. On average, analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BK. AIA Group Ltd grew its stake in shares of Bank of New York Mellon by 54.3% in the 3rd quarter. AIA Group Ltd now owns 28,523 shares of the bank’s stock valued at $3,108,000 after buying an additional 10,038 shares in the last quarter. Mirabella Financial Services LLP bought a new position in Bank of New York Mellon during the third quarter valued at approximately $2,875,000. Hudson Bay Capital Management LP acquired a new stake in Bank of New York Mellon in the third quarter valued at approximately $752,000. Swiss Life Asset Management Ltd grew its position in Bank of New York Mellon by 77.8% in the third quarter. Swiss Life Asset Management Ltd now owns 196,665 shares of the bank’s stock worth $21,429,000 after acquiring an additional 86,076 shares in the last quarter. Finally, Groupama Asset Managment bought a new stake in Bank of New York Mellon in the third quarter worth approximately $1,079,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.