Deutsche Bank Aktiengesellschaft Raises Bank of New York Mellon (NYSE:BK) Price Target to $63.00

Bank of New York Mellon (NYSE:BK) had its price objective hoisted by Deutsche Bank Aktiengesellschaft from $61.00 to $63.00 in a report released on Monday, Benzinga reports. The firm currently has a hold rating on the bank’s stock.

Several other research firms have also commented on BK. Citigroup lowered shares of Bank of New York Mellon from a buy rating to a neutral rating and set a $65.00 price objective for the company. in a research note on Monday. Keefe, Bruyette & Woods reissued an outperform rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday. Jefferies Financial Group lifted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a buy rating in a report on Thursday, April 18th. Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $63.00 to $65.00 and gave the stock an equal weight rating in a research note on Monday. Finally, Barclays boosted 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. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $65.23.

Bank of New York Mellon Stock Performance

Shares of BK opened at $64.09 on Monday. The stock has a market capitalization of $47.93 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.31 and a beta of 1.09. The firm’s fifty day simple moving average is $59.65 and its two-hundred day simple moving average is $56.95. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $65.90.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating 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 analysts’ expectations of $4.53 billion. During the same quarter last year, the firm earned $1.38 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, analysts predict that Bank of New York Mellon will post 5.55 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.93%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is presently 38.89%.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares in the company, valued at $5,637,684.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Insiders have sold 61,858 shares of company stock valued at $3,507,854 over the last quarter. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quent Capital LLC lifted its position in Bank of New York Mellon by 3.8% during the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock valued at $262,000 after purchasing an additional 182 shares during the period. Hartford Financial Management Inc. lifted its position in Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the last quarter. Greenleaf Trust lifted its position in Bank of New York Mellon by 0.7% during the first quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock valued at $1,633,000 after purchasing an additional 187 shares during the last quarter. Semmax Financial Advisors Inc. lifted its holdings in shares of Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after acquiring an additional 189 shares during the last quarter. Finally, Vivaldi Capital Management LP lifted its holdings in shares of Bank of New York Mellon by 3.3% in the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after acquiring an additional 192 shares during the last quarter. 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.