Bank of New York Mellon (NYSE:BK) Price Target Raised to $95.00 at Bank of America

Bank of New York Mellon (NYSE:BK) had its target price boosted by Bank of America from $90.00 to $95.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other brokerages also recently commented on BK. The Goldman Sachs Group lifted their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Citigroup lifted their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Barclays upped their price target on shares of Bank of New York Mellon from $86.00 to $102.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Evercore ISI increased their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Stock Performance

Shares of BK opened at $83.31 on Thursday. The stock has a market capitalization of $60.57 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 0.76 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $83.67. The firm has a fifty day simple moving average of $78.87 and a 200 day simple moving average of $72.24. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last issued its quarterly 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. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.28 earnings per share. Research analysts forecast that Bank of New York Mellon will post 5.87 EPS 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 Friday, February 7th. Investors of record on Monday, January 27th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s payout ratio is presently 40.87%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BK. McClarren Financial Advisors Inc. increased its position in shares of Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares during the period. Fortitude Family Office LLC lifted its holdings in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares during the period. Modus Advisors LLC bought a new stake in Bank of New York Mellon during the fourth quarter valued at $49,000. Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon during the 3rd quarter worth about $46,000. Finally, Grove Bank & Trust raised its position in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after acquiring an additional 144 shares in the last quarter. 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.