Bank of New York Mellon (NYSE:BK) Given New $86.00 Price Target at Wells Fargo & Company

Bank of New York Mellon (NYSE:BK) had its target price boosted by Wells Fargo & Company from $82.00 to $86.00 in a report issued on Thursday morning,Benzinga reports. They currently have an equal weight rating on the bank’s stock.

BK has been the subject of a number of other reports. The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Citigroup upped their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Finally, StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Saturday, December 14th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Price Performance

NYSE:BK opened at $83.31 on Thursday. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $83.67. The stock has a fifty day moving average of $78.87 and a 200 day moving average of $72.24. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The firm has a market capitalization of $60.57 billion, a price-to-earnings ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Bank of New York Mellon’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.28 earnings per share. On average, research analysts expect that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.26%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.87%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of large investors have recently modified their holdings of BK. United Advisor Group LLC bought a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at $595,000. Czech National Bank raised its holdings in Bank of New York Mellon by 4.9% in the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock worth $12,112,000 after buying an additional 7,316 shares during the last quarter. Principal Financial Group Inc. lifted its position in Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock valued at $63,514,000 after acquiring an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp lifted its holdings in shares of Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after purchasing an additional 33,558 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after buying an additional 421,161 shares in the last quarter. 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.