Bank of New York Mellon (NYSE:BK) Price Target Raised to $136.00

Bank of New York Mellon (NYSE:BK) had its target price hoisted by Citigroup from $120.00 to $136.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

A number of other brokerages have also recently issued reports on BK. BMO Capital Markets initiated coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. TD Cowen upped their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley boosted their price objective on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, Wells Fargo & Company raised their target price on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a report on Wednesday. Nine equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $129.00.

Bank of New York Mellon Stock Performance

BK stock opened at $121.34 on Wednesday. The firm has a 50 day simple moving average of $115.07 and a 200 day simple moving average of $107.51. The stock has a market cap of $84.62 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.16 and a beta of 1.11. Bank of New York Mellon has a 52 week low of $70.46 and a 52 week high of $125.89. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.70 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The business had revenue of $5.07 billion during the quarter. Research analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd will be given a dividend of $0.53 per share. The ex-dividend date is Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.7%. Bank of New York Mellon’s payout ratio is currently 28.61%.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently bought and sold shares of the business. Perigon Wealth Management LLC raised its stake in shares of Bank of New York Mellon by 4.0% in the 4th quarter. Perigon Wealth Management LLC now owns 8,846 shares of the bank’s stock valued at $1,027,000 after buying an additional 338 shares in the last quarter. Balboa Wealth Partners raised its position in Bank of New York Mellon by 31.5% in the fourth quarter. Balboa Wealth Partners now owns 4,154 shares of the bank’s stock worth $482,000 after purchasing an additional 996 shares in the last quarter. Marquette Asset Management LLC lifted its stake in Bank of New York Mellon by 174.7% during the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock worth $30,000 after purchasing an additional 166 shares during the period. Formidable Asset Management LLC lifted its stake in Bank of New York Mellon by 198.3% during the fourth quarter. Formidable Asset Management LLC now owns 8,770 shares of the bank’s stock worth $956,000 after purchasing an additional 5,830 shares during the period. Finally, Dorato Capital Management acquired a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $243,000. Institutional investors own 85.31% of the company’s stock.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.