Bank of New York Mellon (NYSE:BK) Price Target Raised to $110.00 at Evercore ISI

Bank of New York Mellon (NYSE:BK) had its price target lifted by Evercore ISI from $91.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have an in-line rating on the bank’s stock.

BK has been the topic of a number of other reports. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. Citigroup increased their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. TD Cowen assumed coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They set a “buy” rating for the company. Finally, Morgan Stanley increased their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $101.67.

Bank of New York Mellon Stock Down 0.5%

Shares of NYSE BK opened at $106.32 on Tuesday. The firm has a market cap of $74.98 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 1.01 and a beta of 1.13. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. Bank of New York Mellon has a 52-week low of $70.41 and a 52-week high of $110.87. The business’s 50 day moving average is $104.49 and its two-hundred day moving average is $92.76.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the firm earned $1.51 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts predict that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is currently 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at $25,000. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at $25,000. Westside Investment Management Inc. grew its position in shares of Bank of New York Mellon by 78.9% in the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after buying an additional 127 shares during the last quarter. Cornerstone Planning Group LLC grew its position in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after buying an additional 196 shares during the last quarter. Finally, Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at $32,000. 85.31% of the stock is 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.