Bank of New York Mellon (NYSE:BK) PT Raised to $66.00 at Deutsche Bank Aktiengesellschaft

Bank of New York Mellon (NYSE:BK) had its price target upped by Deutsche Bank Aktiengesellschaft from $63.00 to $66.00 in a report released on Thursday, Benzinga reports. They currently have a hold rating on the bank’s stock.

BK has been the subject of a number of other reports. Citigroup downgraded Bank of New York Mellon from a buy rating to a neutral rating and set a $65.00 price objective for the company. in a research report on Monday, July 15th. Jefferies Financial Group increased their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a buy rating in a research note on Thursday, April 18th. Evercore ISI lifted their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Bank of America upped their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the company a buy rating in a research report on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $66.14.

Bank of New York Mellon Stock Up 1.0 %

BK stock opened at $65.61 on Thursday. The firm has a 50-day moving average of $61.82 and a two-hundred day moving average of $58.48. The company has a market cap of $49.06 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 1.14 and a beta of 1.09. The company has a current ratio of 0.70, a quick ratio of 0.71 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 $65.90.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.38 earnings per share. As a group, analysts forecast that Bank of New York Mellon will post 5.6 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a dividend yield of 2.87%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Insider Activity at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is currently owned by insiders.

Institutional Trading of Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the stock. United Services Automobile Association lifted its holdings in Bank of New York Mellon by 6.9% in the 4th quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock valued at $1,325,000 after purchasing an additional 1,640 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $1,027,000. QRG Capital Management Inc. lifted its stake in Bank of New York Mellon by 6.9% in the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock valued at $7,351,000 after buying an additional 8,204 shares during the last quarter. Searle & CO. acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $234,000. Finally, Wakefield Asset Management LLLP bought a new stake in Bank of New York Mellon during the 1st quarter valued at $3,740,000. Institutional investors and hedge funds 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.