Bank of New York Mellon (NYSE:BK) Receives “Sector Perform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of Bank of New York Mellon (NYSE:BK) in a report issued on Monday morning, Benzinga reports. They currently have a $79.00 price objective on the bank’s stock.

Several other research analysts have also commented on the stock. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $69.00 to $79.00 and gave the stock an equal weight rating in a research note on Monday. Citigroup upped their price target on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a neutral rating in a report on Thursday, September 19th. Barclays increased their price target on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an overweight rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised Bank of New York Mellon from a hold rating to a buy rating and upped their price objective for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. lifted their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an overweight rating in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Bank of New York Mellon has a consensus rating of Moderate Buy and a consensus target price of $76.69.

Bank of New York Mellon Stock Performance

NYSE BK opened at $76.51 on Monday. The stock has a market capitalization of $57.22 billion, a PE ratio of 17.71, a P/E/G ratio of 1.16 and a beta of 1.08. Bank of New York Mellon has a 1-year low of $39.66 and a 1-year high of $76.61. The business has a 50 day simple moving average of $68.67 and a two-hundred day simple moving average of $62.60. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate 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. On average, research analysts predict that Bank of New York Mellon will post 5.66 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be given a dividend of $0.47 per share. The ex-dividend date is Monday, October 21st. This represents a $1.88 annualized dividend and a yield of 2.46%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

Insider Buying and Selling

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 dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $247,000. Syon Capital LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth approximately $233,000. SageView Advisory Group LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at approximately $1,208,000. ICA Group Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth $97,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Bank of New York Mellon by 1.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after buying an additional 4,619 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.