Bank of New York Mellon (NYSE:BK) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Bank of New York Mellon (NYSE:BK) from a hold rating to a buy rating in a research note released on Tuesday morning.

Other analysts have also issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Barclays upped their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research note on Monday, October 14th. Wells Fargo & Company upped their price target on Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a report on Friday, November 15th. Finally, Evercore ISI upped their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a report on Monday, October 14th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.23.

Bank of New York Mellon Stock Up 1.6 %

Shares of NYSE:BK opened at $80.14 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $58.27 billion, a PE ratio of 17.42, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The firm’s 50-day moving average is $75.03 and its two-hundred day moving average is $66.64. Bank of New York Mellon has a 1 year low of $46.81 and a 1 year high of $80.29.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. Analysts predict that Bank of New York Mellon will post 5.82 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is currently 40.87%.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. McClarren Financial Advisors Inc. increased its position in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares in the last quarter. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $30,000. Clearstead Trust LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $32,000. Family Firm Inc. acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $40,000. Finally, Fortitude Family Office LLC raised its stake in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.