Bank of New York Mellon (NYSE:BK) Price Target Raised to $96.00

Bank of New York Mellon (NYSE:BK) had its price target hoisted by Wells Fargo & Company from $86.00 to $96.00 in a research note issued to investors on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the bank’s stock.

BK has been the topic of a number of other research reports. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. UBS Group raised their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Truist Financial raised their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Citigroup raised their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Keefe, Bruyette & Woods raised their price target 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. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $88.71.

Bank of New York Mellon Price Performance

BK stock opened at $86.61 on Monday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. Bank of New York Mellon has a 52 week low of $52.64 and a 52 week high of $90.34. The firm’s fifty day moving average is $83.56 and its 200 day moving average is $77.67. The firm has a market cap of $62.04 billion, a P/E ratio of 14.91, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 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 company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the firm earned $1.28 EPS. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. Research analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds have recently bought and sold shares of the business. Parvin Asset Management LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth about $25,000. Bellwether Advisors LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth about $28,000. REAP Financial Group LLC boosted its stake in Bank of New York Mellon by 123.2% during the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after acquiring an additional 218 shares in the last quarter. Transce3nd LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth about $33,000. Finally, South Plains Financial Inc. bought a new stake in Bank of New York Mellon during the fourth quarter worth about $34,000. 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.