Recently, several hedge funds changed their positions in Bank of New York Mellon. Olistico Wealth LLC invested about $30,000, while Clearstead Trust LLC and Kathleen S. Wright Associates Inc. each bought around $32,000 worth of shares. Able Wealth Management LLC also spent about $32,000, and Family Firm Inc. invested $40,000. Currently, 85.31% of the stock is owned by hedge funds and institutions.
Wall Street Analysts Forecast Growth
Analysts have recently issued positive reports on Bank of New York Mellon (BK). Goldman Sachs raised their price target from $74.00 to $80.00. Barclays increased theirs from $68.00 to $75.00. Keefe, Bruyette & Woods also upgraded their rating with a target of $75.00. Citigroup raised their target from $65.00 to $70.00, and Evercore ISI increased theirs from $61.00 to $66.00. Overall, the stock has an average rating of “Moderate Buy” and a target price of $69.38 according to MarketBeat.
Get Our Latest Research Report on Bank of New York Mellon
Insider Transactions
On July 18th, VP Hanneke Smits sold 15,000 shares at an average price of $64.11, totaling $961,650. After the sale, she still holds 173,930 shares valued at about $11.15 million. Corporate insiders own only 0.14% of the company’s stock.
Stock Performance
Bank of New York Mellon’s stock (NYSE:BK) opened at $70.82. It has a quick and current ratio of 0.70, and a debt-to-equity ratio of 0.85. The market cap is $52.96 billion, with a P/E ratio of 16.39. The stock has traded between $39.66 and $73.19 in the past year.
The company reported earnings of $1.51 per share on July 12th, exceeding estimates of $1.43. Revenue was $4.60 billion, slightly above the expected $4.53 billion. Analysts predict an EPS of 5.63 for the current year.
Dividend Increase
Bank of New York Mellon declared a quarterly dividend of $0.47, up from $0.42, paid on August 2nd. This represents an annual dividend of $1.88 with a yield of 2.65% and a payout ratio of 43.52%.
Company Overview
(Free Report) The Bank of New York Mellon Corporation offers various financial services globally, including Securities Services, Market and Wealth Services, and Investment Management.
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