Bank of New York Mellon (NYSE:BK) Price Target Raised to $90.00 at Evercore ISI

Bank of New York Mellon (NYSE:BK) had its price objective lifted by Evercore ISI from $88.00 to $90.00 in a report released on Wednesday morning,Benzinga reports. They currently have an in-line rating on the bank’s stock.

A number of other equities analysts have also weighed in on BK. Citigroup increased their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Royal Bank Of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Truist Financial downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating and increased their target price for the stock from $87.00 to $97.00 in a research report on Wednesday, May 28th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $92.08.

Bank of New York Mellon Trading Up 1.5%

Shares of BK stock opened at $92.04 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The firm has a market cap of $65.85 billion, a P/E ratio of 14.99, a PEG ratio of 1.01 and a beta of 1.07. The company has a 50 day moving average of $87.79 and a 200-day moving average of $83.83. Bank of New York Mellon has a 12-month low of $59.19 and a 12-month high of $93.03.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same period in the previous year, the company posted $1.29 earnings per share. The business’s revenue was up 5.9% on a year-over-year basis. Sell-side analysts anticipate 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Monday, April 21st. Bank of New York Mellon’s dividend payout ratio is 30.62%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president owned 55,115 shares of the company’s stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider directly owned 21,679 shares of the company’s stock, valued at $1,680,122.50. The trade was a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock worth $7,869,795 in the last ninety days. 0.14% of the stock is currently owned by insiders.

Institutional Trading of Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sax Wealth Advisors LLC increased its stake in Bank of New York Mellon by 2.3% in the first quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank’s stock valued at $443,000 after acquiring an additional 117 shares during the last quarter. Capital Analysts LLC boosted its holdings in shares of Bank of New York Mellon by 3.7% in the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank’s stock worth $255,000 after purchasing an additional 119 shares in the last quarter. Hemington Wealth Management increased its position in shares of Bank of New York Mellon by 8.0% during the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank’s stock valued at $136,000 after purchasing an additional 121 shares during the last quarter. Y.D. More Investments Ltd raised its holdings in shares of Bank of New York Mellon by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank’s stock valued at $86,000 after buying an additional 125 shares in the last quarter. Finally, Resources Management Corp CT ADV lifted its position in Bank of New York Mellon by 5.9% in the 1st quarter. Resources Management Corp CT ADV now owns 2,260 shares of the bank’s stock worth $190,000 after buying an additional 125 shares during the last quarter. Hedge funds and other 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.