Keefe, Bruyette & Woods Increases Bank of New York Mellon (NYSE:BK) Price Target to $113.00

Bank of New York Mellon (NYSE:BK - Free Report) had its price target boosted by Keefe, Bruyette & Woods from $105.00 to $113.00 in a report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the bank's stock.

Several other equities research analysts have also recently weighed in on BK. Morgan Stanley upped their price target on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday. Evercore ISI increased their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Citigroup lifted their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Finally, Truist Financial cut shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their price objective for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK traded up $0.27 during midday trading on Wednesday, reaching $95.43. 5,438,118 shares of the company traded hands, compared to its average volume of 4,139,828. The firm's fifty day moving average price is $90.10 and its two-hundred day moving average price is $84.85. The firm has a market capitalization of $68.27 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. Bank of New York Mellon has a 12 month low of $60.93 and a 12 month high of $96.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a return on equity of 13.57% and a net margin of 12.27%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.51 earnings per share. On average, equities analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be paid a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is 30.62%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president directly owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in shares of Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares in the last quarter. Norges Bank bought a new position in Bank of New York Mellon in the 4th quarter worth $1,150,462,000. Ameriprise Financial Inc. increased its stake in Bank of New York Mellon by 1.9% in the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock worth $1,010,093,000 after buying an additional 221,613 shares in the last quarter. Northern Trust Corp raised its holdings in Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after acquiring an additional 1,526,686 shares during the period. Finally, Nuveen LLC bought a new stake in Bank of New York Mellon during the first quarter valued at about $773,627,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

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.