UBS Group Raises Bank of New York Mellon (NYSE:BK) Price Target to $94.00

Bank of New York Mellon (NYSE:BKFree Report) had its price target lifted by UBS Group from $88.00 to $94.00 in a research note released on Tuesday,Benzinga reports. UBS Group currently has a buy rating on the bank’s stock.

A number of other brokerages have also recently weighed in on BK. Morgan Stanley boosted their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Citigroup upped their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Read Our Latest Analysis on BK

Bank of New York Mellon Trading Up 2.0 %

Shares of BK stock opened at $84.92 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock has a 50-day simple moving average of $78.96 and a 200 day simple moving average of $72.57. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $85.00. The stock has a market capitalization of $61.74 billion, a P/E ratio of 14.62, a P/E/G ratio of 0.95 and a beta of 1.08.

Bank of New York Mellon (NYSE:BKGet Free Report) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.28 EPS. On average, sell-side analysts expect that Bank of New York Mellon will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. McClarren Financial Advisors Inc. increased its stake in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after purchasing an additional 346 shares during the period. Fortitude Family Office LLC increased its position in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares during the period. Grove Bank & Trust boosted its position in shares of Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of Bank of New York Mellon in the third quarter worth $46,000. Finally, Modus Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter worth $49,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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