Bank of New York Mellon (NYSE:BK) Price Target Increased to $77.00 by Analysts at Evercore ISI

Bank of New York Mellon (NYSE:BK) had its target price increased by Evercore ISI from $66.00 to $77.00 in a research note released on Monday morning, Benzinga reports. They currently have an in-line rating on the bank’s stock.

Other equities analysts also recently issued reports about the stock. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the stock from $66.00 to $80.00 in a research report on Monday, September 23rd. UBS Group upped their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $76.69.

Bank of New York Mellon Price Performance

NYSE BK opened at $77.74 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a 12-month low of $41.15 and a 12-month high of $78.03. The company has a market capitalization of $58.14 billion, a PE ratio of 18.00, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The firm’s 50 day moving average is $69.55 and its 200-day moving average is $62.93.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be paid a $0.47 dividend. The ex-dividend date is Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.42%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares in the company, valued at approximately $5,754,079.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after buying an additional 421,161 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 2.2% during the second quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock valued at $490,640,000 after buying an additional 179,503 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Bank of New York Mellon by 1.2% during the second quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock valued at $482,597,000 after buying an additional 97,286 shares during the last quarter. LSV Asset Management boosted its position in Bank of New York Mellon by 3.9% in the second quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock worth $453,315,000 after purchasing an additional 286,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Bank of New York Mellon by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank’s stock worth $434,370,000 after buying an additional 454,151 shares during the period. 85.31% of the stock is currently owned by 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.