Bank of New York Mellon (NYSE:BK) Price Target Raised to $122.00

Bank of New York Mellon (NYSE:BK) had its target price increased by Wells Fargo & Company from $119.00 to $122.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Several other research firms have also recently weighed in on BK. New Street Research set a $143.00 price objective on Bank of New York Mellon in a research report on Wednesday. Truist Financial raised Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the stock from $119.00 to $134.00 in a research report on Wednesday, January 7th. TD Cowen lifted their price objective on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Finally, BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. Nine equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $129.00.

Bank of New York Mellon Stock Down 2.1%

Shares of BK stock opened at $121.34 on Wednesday. Bank of New York Mellon has a 12-month low of $70.46 and a 12-month high of $125.89. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The firm has a fifty day moving average of $115.07 and a 200-day moving average of $107.51. The company has a market capitalization of $84.62 billion, a price-to-earnings ratio of 16.38, a P/E/G ratio of 1.16 and a beta of 1.11.

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. The business had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. As a group, equities research analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Friday, January 23rd will be paid a $0.53 dividend. The ex-dividend date of this dividend is Friday, January 23rd. This represents a $2.12 annualized dividend and a dividend yield of 1.7%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.61%.

Institutional Trading of Bank of New York Mellon

Large investors have recently added to or reduced their stakes in the company. Westside Investment Management Inc. increased its stake in shares of Bank of New York Mellon by 78.9% during the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after purchasing an additional 127 shares during the last quarter. Marquette Asset Management LLC grew its holdings in Bank of New York Mellon by 174.7% during the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock worth $30,000 after purchasing an additional 166 shares during the period. Hoey Investments Inc. acquired a new position in Bank of New York Mellon during the second quarter worth approximately $32,000. Valley Wealth Managers Inc. bought a new stake in Bank of New York Mellon in the third quarter valued at approximately $33,000. Finally, GFG Capital LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $36,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

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.