Barclays Boosts Bank of New York Mellon (NYSE:BK) Price Target to $102.00

Bank of New York Mellon (NYSE:BK) had its target price hoisted by Barclays from $86.00 to $102.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Several other research analysts also recently weighed in on the company. UBS Group upped their target price on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley dropped their target price on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday. Citigroup boosted their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday. Finally, Evercore ISI boosted their price objective on Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $82.00.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $77.91 on Monday. The stock has a market cap of $56.65 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $52.09 and a 12 month high of $82.72. The company has a 50 day simple moving average of $78.44 and a two-hundred day simple moving average of $71.19. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate of $1.41 by $0.11. The firm 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, analysts predict that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.41%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. United Advisor Group LLC acquired a new stake in Bank of New York Mellon in the third quarter valued at $595,000. Principal Financial Group Inc. increased its stake in shares of Bank of New York Mellon by 1.7% during the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after purchasing an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp lifted its stake in Bank of New York Mellon by 67.2% in 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 in the last quarter. Ameriprise Financial Inc. grew its holdings in 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 buying an additional 421,161 shares during the last quarter. Finally, HighTower Advisors LLC increased its position in Bank of New York Mellon by 130.1% during the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock worth $23,449,000 after buying an additional 184,560 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.