Bank of New York Mellon (NYSE:BK) Given New $96.00 Price Target at Wells Fargo & Company

Bank of New York Mellon (NYSE:BK) had its price target increased by Wells Fargo & Company from $86.00 to $96.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Evercore ISI lifted their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.71.

Bank of New York Mellon Stock Down 0.7 %

Shares of NYSE BK opened at $88.32 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a 52 week low of $52.64 and a 52 week high of $90.34. The firm’s fifty day moving average is $83.24 and its 200 day moving average is $77.46. The company has a market cap of $64.22 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 0.97 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm earned $1.28 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities research analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of BK. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth about $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth about $28,000. REAP Financial Group LLC raised its position in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after buying an additional 218 shares during the last quarter. Transce3nd LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth about $33,000. Finally, South Plains Financial Inc. purchased a new position in Bank of New York Mellon in the 4th quarter worth about $34,000. 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.