Bank of New York Mellon (NYSE:BK) Given New $70.00 Price Target at Citigroup

Bank of New York Mellon (NYSE:BK) had its price target raised by Citigroup from $65.00 to $70.00 in a research report sent to investors on Thursday, Benzinga reports. Citigroup currently has a neutral rating on the bank’s stock.

Several other research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods reiterated an outperform rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an in-line rating in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a hold rating in a research report on Thursday, August 15th. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an equal weight rating in a research report on Tuesday, July 30th. Finally, Barclays raised their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an overweight rating in a research report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $66.59.

Bank of New York Mellon Stock Up 0.9 %

BK opened at $71.71 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a 1-year low of $39.66 and a 1-year high of $71.92. The company has a market capitalization of $53.63 billion, a PE ratio of 16.60, a PEG ratio of 1.17 and a beta of 1.08. The firm’s 50 day simple moving average is $65.83 and its two-hundred day simple moving average is $60.53.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same period last year, the firm earned $1.38 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities analysts forecast that Bank of New York Mellon will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a $0.47 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s payout ratio is currently 43.52%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon 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 sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently made changes to their positions in the business. United Services Automobile Association grew its stake in shares of 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 worth $1,325,000 after buying an additional 1,640 shares in the last quarter. Entropy Technologies LP purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth $1,027,000. QRG Capital Management Inc. boosted its stake in shares of Bank of New York Mellon by 6.9% during the 1st quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock worth $7,351,000 after purchasing an additional 8,204 shares during the period. Wakefield Asset Management LLLP purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth about $3,740,000. Finally, Bessemer Group Inc. boosted its stake in shares of Bank of New York Mellon by 128.8% during the 1st quarter. Bessemer Group Inc. now owns 30,755 shares of the bank’s stock worth $1,771,000 after purchasing an additional 17,312 shares during the period. 85.31% of the stock is 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.