Bank of New York Mellon (NYSE:BK) Rating Increased to Outperform at Keefe, Bruyette & Woods

Bank of New York Mellon (NYSE:BK) was upgraded by equities researchers at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued on Thursday, Marketbeat.com reports. The brokerage presently has a $70.00 price objective on the bank’s stock, up from their prior price objective of $60.00. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 16.86% from the company’s current price.

BK has been the topic of a number of other research reports. Bank of America increased their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Jefferies Financial Group lifted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Morgan Stanley upped their price target on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, April 18th. Evercore ISI increased their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $61.15.

Bank of New York Mellon Stock Up 0.6 %

BK stock opened at $59.90 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. The business has a 50 day moving average of $58.45 and a 200 day moving average of $55.99. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $60.87. The firm has a market cap of $44.79 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 EPS. Bank of New York Mellon’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, research analysts forecast that Bank of New York Mellon will post 5.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of Bank of New York Mellon stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the transaction, the vice president now directly owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now owns 78,350 shares of the company’s stock, valued at $4,299,848. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently added to or reduced their stakes in BK. Vanguard Group Inc. raised its position in shares of Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock valued at $3,877,801,000 after purchasing an additional 4,293,751 shares during the period. Artisan Partners Limited Partnership increased its stake in Bank of New York Mellon by 0.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after buying an additional 144,162 shares in the last quarter. Norges Bank bought a new stake in Bank of New York Mellon during the fourth quarter valued at about $813,701,000. LSV Asset Management lifted its position in shares of Bank of New York Mellon by 1.0% in the fourth quarter. LSV Asset Management now owns 7,372,209 shares of the bank’s stock valued at $383,723,000 after acquiring an additional 72,880 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Bank of New York Mellon by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,758,152 shares of the bank’s stock worth $351,775,000 after acquiring an additional 223,867 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.