Bank of New York Mellon (NYSE:BK) Rating Increased to Buy at 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 Tuesday morning.

Several other equities analysts have also recently issued reports on BK. Citigroup boosted their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. The Goldman Sachs Group boosted their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Barclays boosted their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $77.23.

Bank of New York Mellon Stock Down 1.3 %

BK stock opened at $77.60 on Tuesday. The firm’s fifty day simple moving average is $74.41 and its 200-day simple moving average is $66.32. The company has a market capitalization of $56.42 billion, a P/E ratio of 16.87, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a 12 month low of $46.71 and a 12 month high of $80.29.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. As a group, equities research analysts forecast that Bank of New York Mellon will post 5.82 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

Insider Activity

In other news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds have recently modified their holdings of the business. McIlrath & Eck LLC grew its holdings in shares of Bank of New York Mellon by 3.8% in the third quarter. McIlrath & Eck LLC now owns 6,860 shares of the bank’s stock valued at $493,000 after purchasing an additional 254 shares during the period. TCW Group Inc. grew its holdings in shares of Bank of New York Mellon by 9.0% in the third quarter. TCW Group Inc. now owns 1,012,870 shares of the bank’s stock valued at $72,785,000 after purchasing an additional 83,207 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of Bank of New York Mellon by 14.3% in the third quarter. Coldstream Capital Management Inc. now owns 13,486 shares of the bank’s stock valued at $982,000 after purchasing an additional 1,691 shares during the period. M&T Bank Corp grew its holdings in shares of Bank of New York Mellon by 293.1% in the third quarter. M&T Bank Corp now owns 399,130 shares of the bank’s stock valued at $28,681,000 after purchasing an additional 297,603 shares during the period. Finally, Continuum Advisory LLC grew its holdings in shares of Bank of New York Mellon by 93.2% in the third quarter. Continuum Advisory LLC now owns 2,349 shares of the bank’s stock valued at $182,000 after purchasing an additional 1,133 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.