Bank of New York Mellon (NYSE:BK) PT Lowered to $48.00

Bank of New York Mellon (NYSE:BK) had its target price cut by Morgan Stanley from $49.00 to $48.00 in a research report released on Friday, Benzinga reports. They currently have an underweight rating on the bank’s stock.

A number of other equities research analysts have also recently issued reports on BK. StockNews.com started coverage on shares of Bank of New York Mellon in a report on Thursday, August 17th. They issued a hold rating on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $43.00 to $44.00 in a report on Wednesday, July 19th. Finally, Citigroup dropped their target price on shares of Bank of New York Mellon from $58.00 to $55.00 in a report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of Hold and an average target price of $53.00.

Bank of New York Mellon Price Performance

BK opened at $44.80 on Friday. The company has a fifty day moving average price of $44.86 and a two-hundred day moving average price of $44.13. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon has a 52 week low of $36.22 and a 52 week high of $52.26. The firm has a market capitalization of $34.89 billion, a PE ratio of 13.06, a P/E/G ratio of 1.19 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, July 18th. The bank reported $1.38 EPS for the quarter, beating the consensus estimate of $1.22 by $0.16. Bank of New York Mellon had a net margin of 10.95% and a return on equity of 11.88%. The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same period in the previous year, the firm posted $1.15 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. As a group, analysts anticipate that Bank of New York Mellon will post 4.85 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 10th. Stockholders of record on Friday, July 28th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $1.68 annualized dividend and a dividend yield of 3.75%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.37. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 48.98%.

Insider Activity

In other news, insider Kurtis R. Kurimsky sold 14,045 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $45.64, for a total transaction of $641,013.80. Following the completion of the transaction, the insider now owns 23,816 shares of the company’s stock, valued at $1,086,962.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Kurtis R. Kurimsky sold 14,045 shares of Bank of New York Mellon stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $45.64, for a total transaction of $641,013.80. Following the completion of the transaction, the insider now directly owns 23,816 shares in the company, valued at $1,086,962.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP J Kevin Mccarthy sold 35,000 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $46.33, for a total transaction of $1,621,550.00. Following the completion of the sale, the executive vice president now directly owns 98,102 shares in the company, valued at approximately $4,545,065.66. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Hedge funds and other institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC grew its stake in Bank of New York Mellon by 14.6% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,102 shares of the bank’s stock worth $94,000 after buying an additional 268 shares in the last quarter. ST Germain D J Co. Inc. bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $149,000. ProVise Management Group LLC raised its holdings in Bank of New York Mellon by 0.9% in the 2nd quarter. ProVise Management Group LLC now owns 92,186 shares of the bank’s stock worth $4,104,000 after purchasing an additional 777 shares in the last quarter. Rehmann Capital Advisory Group raised its holdings in Bank of New York Mellon by 6.0% in the 2nd quarter. Rehmann Capital Advisory Group now owns 9,238 shares of the bank’s stock worth $411,000 after purchasing an additional 520 shares in the last quarter. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $25,148,000. Institutional investors own 81.29% of the company’s stock.

Bank of New York Mellon Company Profile

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.