Bank of New York Mellon (NYSE:BK – Free Report) had its price target raised by Evercore ISI from $79.00 to $83.00 in a research report sent to investors on Thursday,Benzinga reports. Evercore ISI currently has an in-line rating on the bank’s stock.
A number of other equities research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Barclays increased their price target on Bank of New York Mellon from $86.00 to $102.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company upped their price objective on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.14.
Read Our Latest Analysis on BK
Bank of New York Mellon Stock Up 1.3 %
Bank of New York Mellon (NYSE:BK – Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the firm earned $1.28 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. On average, research analysts expect that Bank of New York Mellon will post 5.87 earnings per share for the current year.
Bank of New York Mellon Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is 40.87%.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the business. McClarren Financial Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares during the period. Fortitude Family Office LLC grew its stake in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Modus Advisors LLC bought a new position in Bank of New York Mellon in the fourth quarter worth about $49,000. Ashton Thomas Securities LLC purchased a new stake in shares of Bank of New York Mellon during the third quarter valued at about $46,000. Finally, Grove Bank & Trust boosted its holdings in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after buying an additional 144 shares in 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.
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