Bank of New York Mellon (NYSE:BK) had its target price increased by Bank of America from $40.00 to $41.00 in a research report released on Friday morning, BenzingaRatingsTable reports. The brokerage currently has a neutral rating on the bank’s stock.
Several other analysts have also recently commented on the stock. Royal Bank of Canada reissued a hold rating on shares of Bank of New York Mellon in a research note on Sunday, April 19th. UBS Group cut their price objective on shares of Bank of New York Mellon from $56.00 to $45.00 and set a buy rating on the stock in a report on Monday, April 6th. Seaport Global Securities started coverage on shares of Bank of New York Mellon in a report on Wednesday, July 8th. They issued a buy rating and a $51.00 price objective on the stock. Barclays restated a buy rating and issued a $54.00 price objective on shares of Bank of New York Mellon in a report on Thursday, April 9th. Finally, Deutsche Bank cut their price objective on shares of Bank of New York Mellon from $41.00 to $40.00 and set a hold rating on the stock in a report on Thursday. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. Bank of New York Mellon presently has a consensus rating of Hold and an average price target of $45.03.
Shares of Bank of New York Mellon stock opened at $38.38 on Friday. Bank of New York Mellon has a 1-year low of $26.40 and a 1-year high of $51.60. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.77. The firm’s 50-day moving average price is $38.14 and its two-hundred day moving average price is $40.00. The stock has a market capitalization of $33.98 billion, a price-to-earnings ratio of 8.25, a P/E/G ratio of 1.27 and a beta of 1.10.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, April 16th. The bank reported $1.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.15. Bank of New York Mellon had a net margin of 21.60% and a return on equity of 10.59%. The business had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the prior year, the firm earned $0.94 earnings per share. Bank of New York Mellon’s revenue was down 14.8% compared to the same quarter last year. As a group, equities research analysts predict that Bank of New York Mellon will post 3.82 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 3.23%. Bank of New York Mellon’s payout ratio is presently 30.85%.
In related news, VP Bridget E. Engle sold 37,913 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $37.53, for a total transaction of $1,422,874.89. Following the sale, the vice president now directly owns 100,160 shares of the company’s stock, valued at approximately $3,759,004.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 10,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $35.12, for a total transaction of $351,200.00. Following the sale, the executive vice president now directly owns 119,870 shares in the company, valued at $4,209,834.40. The disclosure for this sale can be found here. 0.12% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Windsor Group LTD bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $203,000. Bank of America Corp DE grew its holdings in Bank of New York Mellon by 8.9% during the 4th quarter. Bank of America Corp DE now owns 4,560,688 shares of the bank’s stock worth $229,540,000 after acquiring an additional 372,969 shares during the last quarter. DNB Asset Management AS grew its holdings in Bank of New York Mellon by 9.9% during the 2nd quarter. DNB Asset Management AS now owns 91,324 shares of the bank’s stock worth $3,530,000 after acquiring an additional 8,202 shares during the last quarter. Invesco Ltd. grew its holdings in Bank of New York Mellon by 3.0% during the 1st quarter. Invesco Ltd. now owns 8,583,355 shares of the bank’s stock worth $289,087,000 after acquiring an additional 250,327 shares during the last quarter. Finally, Waddell & Reed Financial Inc. bought a new stake in Bank of New York Mellon during the 1st quarter worth approximately $13,857,000. 81.67% of the stock is currently owned by institutional investors.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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