Bank of New York Mellon (NYSE:BK) PT Raised to $68.00

Bank of New York Mellon (NYSE:BK - Free Report) had its price objective increased by Jefferies Financial Group from $67.00 to $68.00 in a research report report published on Thursday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the bank's stock.

Several other brokerages also recently commented on BK. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an in-line rating in a research note on Thursday, April 4th. Morgan Stanley upgraded Bank of New York Mellon from an underweight rating to an equal weight rating and upped their target price for the company from $52.00 to $62.00 in a report on Tuesday, January 30th. Citigroup lifted their price target on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a buy rating in a report on Wednesday, February 14th. Bank of America raised their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a buy rating in a research report on Wednesday. Finally, UBS Group boosted their price target on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a buy rating in a research report on Tuesday, January 9th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average price target of $59.15.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded up $0.77 during mid-day trading on Thursday, reaching $55.24. 3,473,891 shares of the company were exchanged, compared to its average volume of 4,019,767. The stock has a market capitalization of $41.58 billion, a PE ratio of 13.47, a PEG ratio of 1.15 and a beta of 1.12. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The company's 50 day moving average price is $55.74 and its 200 day moving average price is $51.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the previous year, the company posted $1.13 EPS. Bank of New York Mellon's quarterly revenue was up 3.8% compared to the same quarter last year. Sell-side analysts forecast that Bank of New York Mellon will post 5.35 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.04%. The ex-dividend date is Thursday, April 25th. Bank of New York Mellon's dividend payout ratio is currently 40.98%.

Insider Activity at Bank of New York Mellon

In other news, VP Catherine Keating sold 4,498 shares of the firm's stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quent Capital LLC raised its stake in shares of Bank of New York Mellon by 3.8% during the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank's stock valued at $262,000 after acquiring an additional 182 shares in the last quarter. Hartford Financial Management Inc. increased its holdings in Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank's stock worth $33,000 after purchasing an additional 183 shares during the period. Vivaldi Capital Management LP raised its position in Bank of New York Mellon by 3.3% during the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank's stock valued at $324,000 after purchasing an additional 192 shares in the last quarter. Certuity LLC lifted its holdings in shares of Bank of New York Mellon by 2.3% in the 4th quarter. Certuity LLC now owns 8,972 shares of the bank's stock worth $467,000 after buying an additional 205 shares during the period. Finally, Choreo LLC grew its position in shares of Bank of New York Mellon by 1.8% during the 4th quarter. Choreo LLC now owns 11,903 shares of the bank's stock worth $620,000 after buying an additional 208 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.