Jefferies Financial Group Boosts Bank of New York Mellon (NYSE:BK) Price Target to $68.00

Bank of New York Mellon (NYSE:BK) had its price objective increased by Jefferies Financial Group from $67.00 to $68.00 in a research report sent to investors on Thursday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the bank’s stock.

A number of other equities research analysts have also weighed in on BK. Citigroup raised their price target on shares of 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. Bank of America raised their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a buy rating in a report on Wednesday. UBS Group raised their price target on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a buy rating in a report on Tuesday, January 9th. Royal Bank of Canada reaffirmed a sector perform rating and set a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Finally, Morgan Stanley raised shares of Bank of New York Mellon from an underweight rating to an equal weight rating and raised their price objective for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $59.15.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $55.24 on Thursday. The company’s fifty day simple moving average is $55.74 and its 200-day simple moving average is $51.13. Bank of New York Mellon has a 52 week low of $39.65 and a 52 week high of $58.28. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. The company has a market cap of $41.58 billion, a PE ratio of 13.47, a P/E/G ratio of 1.15 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the business earned $1.13 EPS. As a group, equities research analysts anticipate that Bank of New York Mellon will post 5.35 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Thursday, April 25th. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the transaction, 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 legal filing with the SEC, which is available at this link. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Acadian Asset Management LLC lifted its position in Bank of New York Mellon by 160.0% in the 1st quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock valued at $263,000 after purchasing an additional 3,297 shares during the last quarter. Prudential PLC bought a new stake in Bank of New York Mellon in the 1st quarter valued at about $1,096,000. Cetera Investment Advisers lifted its position in Bank of New York Mellon by 3.3% in the 1st quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock valued at $1,769,000 after purchasing an additional 1,154 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its position in Bank of New York Mellon by 54.3% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock valued at $11,519,000 after purchasing an additional 81,728 shares during the last quarter. Finally, Zions Bancorporation N.A. lifted its position in Bank of New York Mellon by 165.3% in the 1st quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock valued at $72,000 after purchasing an additional 909 shares during the last quarter. 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.