Citigroup Boosts Bank of New York Mellon (NYSE:BK) Price Target to $70.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by Citigroup from $65.00 to $70.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the bank’s stock.

Several other equities analysts have also weighed in on BK. Barclays raised their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the company an overweight rating in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft upped their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a hold rating in a research report on Thursday, August 15th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an equal weight rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Finally, Evercore ISI lifted their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an in-line rating in a report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $66.59.

Bank of New York Mellon Stock Up 0.1 %

Shares of Bank of New York Mellon stock opened at $71.82 on Thursday. The stock has a 50-day simple moving average of $65.98 and a 200-day simple moving average of $60.72. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $71.96. The firm has a market cap of $53.71 billion, a price-to-earnings ratio of 16.63, a P/E/G ratio of 1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

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

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.62%. The ex-dividend date was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of BK. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Bank of New York Mellon by 0.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 387,500 shares of the bank’s stock worth $23,207,000 after purchasing an additional 3,500 shares during the last quarter. Heritage Wealth Management Inc. bought a new stake in Bank of New York Mellon during the second quarter worth about $600,000. Sanctuary Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the second quarter worth approximately $5,234,000. Truist Financial Corp raised its stake in shares of Bank of New York Mellon by 3.3% in the second quarter. Truist Financial Corp now owns 1,734,833 shares of the bank’s stock valued at $103,899,000 after acquiring an additional 55,631 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Bank of New York Mellon by 1,081.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 304,100 shares of the bank’s stock worth $18,213,000 after acquiring an additional 335,100 shares in the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

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.