Evercore ISI Reiterates “In-Line” Rating for Bank of New York Mellon (NYSE:BK)

Bank of New York Mellon (NYSE:BK)‘s stock had its “in-line” rating reaffirmed by equities research analysts at Evercore ISI in a research report issued on Wednesday, Benzinga reports. They presently have a $61.00 target price on the bank’s stock. Evercore ISI’s price objective would suggest a potential upside of 0.88% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Bank of America raised their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $60.00 to $70.00 in a research report on Thursday, June 27th. Finally, Jefferies Financial Group boosted their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.15.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $60.47 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The business has a 50-day simple moving average of $58.63 and a 200-day simple moving average of $56.22. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $60.91. The stock has a market cap of $45.22 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 1.21 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating 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 business had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the previous year, the business earned $1.13 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. On average, equities analysts expect that Bank of New York Mellon will post 5.47 EPS for the current year.

Insider Activity

In other news, VP Catherine Keating sold 54,070 shares of the stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now directly owns 24,346 shares in the company, valued at $1,410,363.78. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Catherine Keating sold 54,070 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Insiders have sold 115,928 shares of company stock valued at $6,475,216 in the last ninety days. 0.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BK. Vanguard Group Inc. grew its stake in Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Bank of New York Mellon by 0.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after purchasing an additional 144,162 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $813,701,000. LSV Asset Management raised its position in shares of Bank of New York Mellon by 1.0% during the 4th quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock worth $383,723,000 after purchasing an additional 72,880 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Bank of New York Mellon by 3.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock valued at $351,775,000 after buying an additional 223,867 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.