Bank of New York Mellon’s (BK) “Sector Perform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Bank of New York Mellon (NYSE:BK) in a research report sent to investors on Monday,Benzinga reports. They currently have a $90.00 target price on the bank’s stock.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods boosted 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. Citigroup boosted 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 report on Monday, November 25th. Deutsche Bank Aktiengesellschaft boosted 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. Barclays boosted their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.50.

Bank of New York Mellon Stock Up 0.9 %

BK stock opened at $82.47 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $90.34. The firm has a fifty day moving average price of $84.39 and a two-hundred day moving average price of $78.66. The firm has a market cap of $59.21 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating 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 firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. Research analysts predict that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new stake in Bank of New York Mellon during the 4th quarter worth about $1,150,462,000. FMR LLC raised its holdings in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after buying an additional 8,512,404 shares during the period. Wellington Management Group LLP raised its holdings in Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after buying an additional 3,142,869 shares during the period. Northern Trust Corp raised its holdings in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after buying an additional 1,526,686 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Bank of New York Mellon during the 4th quarter worth about $90,955,000. 85.31% of the stock is owned by institutional investors and hedge funds.

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.