Bank of New York Mellon (NYSE:BK) Price Target Increased to $80.00 by Analysts at The Goldman Sachs Group

Bank of New York Mellon (NYSE:BK) had its target price increased by The Goldman Sachs Group from $74.00 to $80.00 in a research report report published on Thursday, Benzinga reports. The firm currently has a buy rating on the bank’s stock.

Several other analysts have also weighed in on BK. Keefe, Bruyette & Woods reissued an outperform rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Morgan Stanley raised their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an equal weight rating in a research report on Tuesday, July 30th. Evercore ISI raised their target price on Bank of New York Mellon from $61.00 to $66.00 and gave the stock an in-line rating in a research report on Monday, July 15th. Barclays raised their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an overweight rating in a research report on Monday, July 15th. Finally, Citigroup raised their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a neutral rating in a research report on Thursday, September 19th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $68.88.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $71.70 on Thursday. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $73.19. The company has a market capitalization of $53.62 billion, a P/E ratio of 16.60, a P/E/G ratio of 1.24 and a beta of 1.08. The stock has a 50 day moving average of $66.74 and a two-hundred day moving average of $61.29. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same quarter last year, the firm earned $1.38 EPS. Bank of New York Mellon’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts expect that Bank of New York Mellon will post 5.63 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were given a $0.47 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.62%. Bank of New York Mellon’s payout ratio is presently 43.52%.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors have recently made changes to their positions in the stock. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the second quarter valued at about $30,000. Clearstead Trust LLC bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Bank of New York Mellon in the first quarter valued at approximately $32,000. Able Wealth Management LLC bought a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $32,000. Finally, Family Firm Inc. bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $40,000. 85.31% of the stock is owned by institutional investors and hedge funds.

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.