Bank of New York Mellon (NYSE:BK) Price Target Increased to $66.00 by Analysts at Bank of America

Bank of New York Mellon (NYSE:BK) had its price objective raised by equities research analysts at Bank of America from $64.00 to $66.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Bank of America‘s target price suggests a potential upside of 19.49% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Evercore ISI raised their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research note on Thursday, April 4th. Royal Bank of Canada reissued 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. Morgan Stanley raised shares of Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. Citigroup raised their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Finally, UBS Group lifted 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 research report on Tuesday, January 9th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $59.15.

Bank of New York Mellon Trading Up 1.4 %

BK stock opened at $55.24 on Wednesday. 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 12-month low of $39.65 and a 12-month high of $58.28. The stock has a market cap of $41.58 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.15 and a beta of 1.12. The business’s 50-day moving average is $55.74 and its 200 day moving average is $51.13.

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

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently modified their holdings of the business. MV Capital Management Inc. grew its stake in shares of Bank of New York Mellon by 15.1% in the first quarter. MV Capital Management Inc. now owns 1,818 shares of the bank’s stock worth $105,000 after acquiring an additional 238 shares in the last quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH grew its stake in shares of Bank of New York Mellon by 10.7% in the first quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 28,482 shares of the bank’s stock worth $1,641,000 after acquiring an additional 2,745 shares in the last quarter. Kowal Investment Group LLC grew its stake in shares of Bank of New York Mellon by 13.4% in the first quarter. Kowal Investment Group LLC now owns 8,719 shares of the bank’s stock worth $502,000 after acquiring an additional 1,032 shares in the last quarter. Oliver Luxxe Assets LLC acquired a new position in shares of Bank of New York Mellon in the first quarter worth $217,000. Finally, Diversified Trust Co acquired a new position in shares of Bank of New York Mellon in the first quarter worth $2,577,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.