Bank of New York Mellon (NYSE:BK) Price Target Raised to $82.00 at UBS Group

Bank of New York Mellon (NYSE:BK) had its price target raised by UBS Group from $73.00 to $82.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other equities research analysts have also recently issued reports on BK. JPMorgan Chase & Co. raised their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an overweight rating in a research note on Monday. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an in-line rating in a report on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Barclays boosted their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an overweight rating in a research note on Monday, July 15th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a hold rating to a buy rating and increased their price objective for the stock from $66.00 to $80.00 in a research report on Monday, September 23rd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $72.92.

Bank of New York Mellon Trading Up 1.0 %

Shares of BK stock opened at $73.19 on Tuesday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $73.35. The company’s 50-day moving average price is $67.61 and its 200-day moving average price is $61.97. The stock has a market cap of $54.73 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 1.24 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. Bank of New York Mellon’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.38 EPS. As a group, equities analysts predict that Bank of New York Mellon will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were given a dividend of $0.47 per share. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.57%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is currently 43.52%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. Olistico Wealth LLC acquired a new stake in Bank of New York Mellon in the second quarter valued at $30,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Bank of New York Mellon during the first quarter worth approximately $32,000. Able Wealth Management LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at approximately $32,000. Finally, Family Firm Inc. purchased a new position in Bank of New York Mellon in the second quarter valued at approximately $40,000. 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.