Bank of New York Mellon (NYSE:BK) Price Target Raised to $94.00

Bank of New York Mellon (NYSE:BK) had its price objective upped by UBS Group from $88.00 to $94.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other analysts have also issued reports on BK. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Thursday, January 16th. The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Morgan Stanley increased their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

Bank of New York Mellon Stock Up 0.5 %

BK opened at $84.75 on Tuesday. The stock has a market cap of $61.62 billion, a PE ratio of 14.59, a P/E/G ratio of 0.97 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a 52 week low of $52.64 and a 52 week high of $85.81. The business’s fifty day simple moving average is $79.23 and its 200 day simple moving average is $72.82.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the business posted $1.28 earnings per share. The company’s revenue was up 11.2% on a year-over-year basis. As a group, research analysts expect that Bank of New York Mellon will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a $0.47 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.22%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently made changes to their positions in BK. FMR LLC increased its stake in shares of Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after purchasing an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after purchasing an additional 3,142,869 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after purchasing an additional 1,311,969 shares in the last quarter. Zacks Investment Management bought a new position in shares of Bank of New York Mellon during the third quarter valued at approximately $62,589,000. Finally, State Street Corp increased its stake in shares of Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 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.