Bank of New York Mellon (NYSE:BK) Lifted to “Outperform” at Keefe, Bruyette & Woods

by · The Markets Daily

Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon (NYSE:BK – Free Report) from a market perform rating to an outperform rating in a research report report published on Thursday morning, Marketbeat reports. Keefe, Bruyette & Woods currently has $70.00 price objective on the bank’s stock, up from their prior price objective of $60.00.

Several other equities research analysts have also recently weighed in on the company. Evercore ISI boosted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an in-line rating in a research note on Thursday, April 4th. Bank of America increased their price target on Bank of New York Mellon from $64.00 to $66.00 and gave the company a buy rating in a report on Wednesday, April 17th. 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 research note on Thursday, April 18th. Royal Bank of Canada restated a sector perform rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an equal weight rating in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of Moderate Buy and a consensus target price of $61.15.

Read Our Latest Stock Report on BK

Bank of New York Mellon Trading Up 0.6 %

NYSE:BK opened at $59.89 on Thursday. The company has a 50 day simple moving average of $58.45 and a two-hundred day simple moving average of $56.03. The company has a market cap of $44.79 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.19 and a beta of 1.08. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $60.87.

Bank of New York Mellon (NYSE:BK – Get Free Report) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter in the previous year, the firm posted $1.13 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Research analysts forecast that Bank of New York Mellon will post 5.45 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.81%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Catherine Keating sold 54,070 shares of the stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at $4,299,848. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. Insiders sold a total of 115,928 shares of company stock worth $6,475,216 over the last three months. Corporate insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Natixis Advisors L.P. boosted its holdings in shares of Bank of New York Mellon by 71.1% during the 3rd quarter. Natixis Advisors L.P. now owns 238,260 shares of the bank’s stock worth $10,162,000 after purchasing an additional 99,047 shares during the last quarter. Trexquant Investment LP purchased a new stake in Bank of New York Mellon in the 3rd quarter valued at $1,669,000. Qube Research & Technologies Ltd purchased a new position in shares of Bank of New York Mellon during the 3rd quarter worth $12,031,000. Tower Research Capital LLC TRC grew its stake in shares of Bank of New York Mellon by 184.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 35,120 shares of the bank’s stock valued at $1,498,000 after buying an additional 22,792 shares during the period. Finally, Bank of Nova Scotia increased its stake in Bank of New York Mellon by 1,191.2% during the third quarter. Bank of Nova Scotia now owns 749,193 shares of the bank’s stock worth $31,953,000 after acquiring an additional 691,172 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

(Get Free Report)

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.

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