Bank of New York Mellon (NYSE:BK) Price Target Raised to $79.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by Wells Fargo & Company from $69.00 to $79.00 in a research note published on Monday, Benzinga reports. The firm currently has an equal weight rating on the bank’s stock.

Several other research analysts have also weighed in on the stock. Barclays increased their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Evercore ISI raised their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday. UBS Group lifted their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, Citigroup increased their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.69.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $77.74 on Monday. The business’s fifty day simple moving average is $69.55 and its 200-day simple moving average is $62.93. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The firm has a market cap of $58.14 billion, a PE ratio of 18.00, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. Bank of New York Mellon has a 52 week low of $41.15 and a 52 week high of $78.03.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Monday, October 21st will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Insider Activity at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BK. Virtu Financial LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $247,000. Syon Capital LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $233,000. SageView Advisory Group LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $1,208,000. ICA Group Wealth Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at $97,000. Finally, PNC Financial Services Group Inc. boosted its stake in Bank of New York Mellon by 1.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after purchasing an additional 4,619 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.