Royal Bank of Canada Reiterates “Sector Perform” Rating for Bank of New York Mellon (NYSE:BK)

Bank of New York Mellon (NYSE:BK)‘s stock had its “sector perform” rating restated by investment analysts at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They presently have a $58.00 price target on the bank’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 0.64% from the company’s current price.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. upgraded shares of Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 target price on the stock in a report on Monday, December 18th. UBS Group boosted their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $52.00 to $62.00 in a research report on Tuesday, January 30th. Finally, Citigroup lifted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Hold” and an average price target of $55.65.

Bank of New York Mellon Stock Up 1.2 %

NYSE:BK opened at $57.63 on Wednesday. The stock has a fifty day simple moving average of $55.42 and a 200-day simple moving average of $49.80. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. The company has a market cap of $43.39 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.20 and a beta of 1.11. Bank of New York Mellon has a twelve month low of $39.65 and a twelve month high of $57.88.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, January 12th. The bank reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.16. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.30 billion. During the same period last year, the company posted $1.30 earnings per share. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. Analysts anticipate that Bank of New York Mellon will post 5.26 EPS for the current year.

Insider Activity

In related news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Bank of New York Mellon news, VP Hanneke Smits sold 15,425 shares of the business’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $55.16, for a total transaction of $850,843.00. Following the sale, the vice president now owns 119,656 shares in the company, valued at approximately $6,600,224.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Large investors have recently bought and sold shares of the company. HighPoint Advisor Group LLC acquired a new stake in Bank of New York Mellon during the 4th quarter valued at approximately $360,000. PNC Financial Services Group Inc. raised its holdings in shares of Bank of New York Mellon by 1.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after purchasing an additional 4,619 shares during the last quarter. Rovin Capital UT ADV lifted its position in Bank of New York Mellon by 27.2% during the fourth quarter. Rovin Capital UT ADV now owns 6,239 shares of the bank’s stock valued at $325,000 after purchasing an additional 1,333 shares during the period. Spartan Planning & Wealth Management boosted its holdings in Bank of New York Mellon by 53,000.0% in the fourth quarter. Spartan Planning & Wealth Management now owns 2,655 shares of the bank’s stock valued at $138,000 after purchasing an additional 2,650 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Bank of New York Mellon by 6.1% during the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares during the period. Hedge funds and other institutional investors own 85.31% 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.