Bank of New York Mellon (NYSE:BK) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of Bank of New York Mellon (NYSE:BK) from a hold rating to a buy rating in a research note published on Monday.

BK has been the subject of several other reports. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $69.00 to $79.00 and gave the company an equal weight rating in a research report on Monday. JPMorgan Chase & Co. boosted their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an overweight rating in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised Bank of New York Mellon from a hold rating to a buy rating and raised their target price for the stock from $66.00 to $80.00 in a report on Monday, September 23rd. UBS Group boosted their price target on Bank of New York Mellon from $73.00 to $82.00 and gave the company a buy rating in a report on Tuesday, October 8th. Finally, Barclays raised their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an overweight rating in a research note on Monday. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $76.69.

Bank of New York Mellon Trading Up 3.2 %

NYSE:BK opened at $76.51 on Monday. The company has a 50 day simple moving average of $68.67 and a two-hundred day simple moving average of $62.60. The company has a market cap of $57.22 billion, a PE ratio of 17.71, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $76.61.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter in the prior year, the company earned $1.38 earnings per share. Bank of New York Mellon’s revenue was up 2.1% on a year-over-year basis. Research analysts forecast that Bank of New York Mellon will post 5.66 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend is Monday, October 21st. Bank of New York Mellon’s payout ratio is presently 43.52%.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now owns 173,930 shares of the company’s stock, valued at $11,150,652.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. Grove Bank & Trust grew its holdings in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of Bank of New York Mellon by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock valued at $231,000 after buying an additional 165 shares during the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Bank of New York Mellon by 3.8% in the second quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock worth $281,000 after buying an additional 171 shares during the period. Greenleaf Trust lifted its stake in shares of Bank of New York Mellon by 0.7% during the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after acquiring an additional 187 shares during the last quarter. Finally, 1858 Wealth Management LLC boosted its holdings in Bank of New York Mellon by 4.0% during the 2nd quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after acquiring an additional 188 shares during the period. 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.