Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, Barclays Analyst Says

Bank of New York Mellon (NYSE:BK) had its price target hoisted by Barclays from $102.00 to $104.00 in a report issued on Thursday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

BK has been the subject of a number of other reports. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday. Citigroup increased their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Truist Financial lifted their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Saturday, December 14th. Finally, UBS Group lifted their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Stock Up 0.3 %

BK opened at $82.28 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $82.72. The stock’s 50 day moving average price is $78.65 and its 200 day moving average price is $72.01. The stock has a market cap of $59.83 billion, a P/E ratio of 17.89, a P/E/G ratio of 0.76 and a beta of 1.08.

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 analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates 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 company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company earned $1.28 earnings per share. As a group, research analysts predict that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.28%. Bank of New York Mellon’s dividend payout ratio is 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of BK. United Advisor Group LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter worth approximately $595,000. Czech National Bank increased its stake in Bank of New York Mellon by 4.9% in the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after buying an additional 7,316 shares during the period. Principal Financial Group Inc. lifted its position in Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after buying an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp boosted its stake in shares of Bank of New York Mellon by 67.2% during the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after buying an additional 33,558 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in shares of Bank of New York Mellon by 4.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after acquiring an additional 421,161 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other 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.