Bank of New York Mellon (NYSE:BK) PT Raised to $66.00

Bank of New York Mellon (NYSE:BK) had its target price upped by stock analysts at Bank of America from $64.00 to $66.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. Bank of America‘s price objective would suggest a potential upside of 19.49% from the company’s current price.

Several other analysts have also issued reports on BK. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Citigroup boosted their target price on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. UBS Group boosted their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Finally, Evercore ISI boosted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research note on Thursday, April 4th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Hold” and an average target price of $59.15.

Bank of New York Mellon Stock Up 1.4 %

BK stock opened at $55.24 on Wednesday. The stock’s fifty day simple moving average is $55.74 and its two-hundred day simple moving average is $51.13. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.28. The stock has a market cap of $41.58 billion, a P/E 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 posted its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the firm earned $1.13 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. Analysts expect that Bank of New York Mellon will post 5.35 EPS for the current year.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the company’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 transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Bank of New York Mellon by 6.1% in 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 in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Bank of New York Mellon by 0.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after purchasing an additional 144,162 shares in the last quarter. Norges Bank purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $813,701,000. Geode Capital Management LLC boosted its holdings in shares of Bank of New York Mellon by 1.5% in the 1st quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after purchasing an additional 227,602 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Bank of New York Mellon by 8.2% in the 3rd quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after purchasing an additional 715,421 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.