Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Bank of New York Mellon (NYSE:BK) had its price objective boosted by Wells Fargo & Company from $96.00 to $100.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the bank’s stock.

Several other research analysts have also recently weighed in on BK. Truist Financial raised their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the company a “hold” rating in a research note on Wednesday. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday. Morgan Stanley raised their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup lifted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, March 24th. Finally, Evercore ISI lifted their price target on 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. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.38.

Bank of New York Mellon Trading Up 0.3%

NYSE:BK opened at $95.43 on Wednesday. Bank of New York Mellon has a 1 year low of $60.93 and a 1 year high of $96.47. The stock has a market cap of $68.27 billion, a price-to-earnings ratio of 14.57, a PEG ratio of 1.03 and a beta of 1.07. The business has a fifty day moving average of $90.33 and a 200-day moving average of $84.93. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.57% and a net margin of 12.27%. The company had revenue of $4.77 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the prior year, the business posted $1.51 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Equities analysts predict 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 business also recently announced a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be issued a $0.53 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon’s payout ratio is 30.62%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction that occurred on 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 $4,355,738.45. The trade was a 35.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of the company. KG&L Capital Management LLC bought a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $295,000. Western Financial Corp CA boosted its stake in Bank of New York Mellon by 1.4% in the 2nd quarter. Western Financial Corp CA now owns 25,616 shares of the bank’s stock valued at $2,334,000 after buying an additional 349 shares in the last quarter. Cove Private Wealth LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at $449,000. ST Germain D J Co. Inc. boosted its stake in Bank of New York Mellon by 7.4% in the 2nd quarter. ST Germain D J Co. Inc. now owns 3,017 shares of the bank’s stock valued at $275,000 after buying an additional 209 shares in the last quarter. Finally, TCI Wealth Advisors Inc. acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at $209,000. 85.31% of the stock is currently owned by institutional investors.

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.