Bank of New York Mellon (NYSE:BK) Given New $82.00 Price Target at Citigroup

Bank of New York Mellon (NYSE:BK) had its target price upped by Citigroup from $75.00 to $82.00 in a research report released on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the bank’s stock.

A number of other analysts also recently commented on BK. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. The Goldman Sachs Group raised their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Morgan Stanley upped their price target on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, November 11th. Finally, Evercore ISI raised their price objective on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.15.

Bank of New York Mellon Trading Up 0.6 %

NYSE:BK opened at $81.75 on Monday. Bank of New York Mellon has a one year low of $46.81 and a one year high of $82.08. The company has a market cap of $59.44 billion, a PE ratio of 17.77, a PEG ratio of 0.93 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a 50-day moving average of $75.67 and a 200-day moving average of $67.20.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. The company had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. As a group, equities research analysts expect that Bank of New York Mellon will post 5.82 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This represents a 24.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently modified their holdings of BK. Ascent Group LLC grew its position in shares of Bank of New York Mellon by 9.3% in the 1st quarter. Ascent Group LLC now owns 6,902 shares of the bank’s stock worth $398,000 after buying an additional 586 shares during the period. B. Riley Wealth Advisors Inc. increased its stake in shares of Bank of New York Mellon by 13.7% during the first quarter. B. Riley Wealth Advisors Inc. now owns 14,944 shares of the bank’s stock valued at $861,000 after purchasing an additional 1,803 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Bank of New York Mellon by 20.6% during the first quarter. Tidal Investments LLC now owns 24,671 shares of the bank’s stock valued at $1,421,000 after purchasing an additional 4,210 shares during the last quarter. Hancock Whitney Corp boosted its position in shares of Bank of New York Mellon by 3.9% in the 1st quarter. Hancock Whitney Corp now owns 15,373 shares of the bank’s stock worth $886,000 after purchasing an additional 576 shares in the last quarter. Finally, Semmax Financial Advisors Inc. grew its stake in shares of Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after buying an additional 189 shares during the last quarter. Hedge funds and other 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.