Bank of America Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK) had its target price raised by Bank of America from $90.00 to $95.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Other research analysts also recently issued research reports about the company. JPMorgan Chase & Co. raised their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Finally, Truist Financial lifted their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $87.14.

Bank of New York Mellon Stock Up 0.3 %

Shares of NYSE:BK opened at $82.28 on Thursday. The firm has a 50 day simple moving average of $78.65 and a 200-day simple moving average of $72.01. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $82.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $59.83 billion, a PE ratio of 17.89, a P/E/G ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results 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. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Bank of New York Mellon’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.28 earnings per share. On average, equities analysts predict that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.28%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Trading of Bank of New York Mellon

Institutional investors have recently modified their holdings of the business. Axxcess Wealth Management LLC raised its position in Bank of New York Mellon by 45.4% in the second quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock worth $650,000 after acquiring an additional 3,389 shares in the last quarter. Argent Trust Co increased its holdings in shares of Bank of New York Mellon by 10.5% in the 2nd quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock valued at $1,309,000 after purchasing an additional 2,072 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Bank of New York Mellon by 3.7% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,937 shares of the bank’s stock valued at $1,493,000 after purchasing an additional 897 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in Bank of New York Mellon by 7.5% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 86,502 shares of the bank’s stock worth $5,176,000 after buying an additional 6,033 shares in the last quarter. Finally, Blair William & Co. IL grew its position in Bank of New York Mellon by 10.7% during the second quarter. Blair William & Co. IL now owns 23,691 shares of the bank’s stock worth $1,419,000 after buying an additional 2,298 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.