Evercore ISI Raises Bank of New York Mellon (NYSE:BK) Price Target to $83.00

Bank of New York Mellon (NYSE:BK) had its target price upped by Evercore ISI from $79.00 to $83.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “in-line” rating on the bank’s stock. Evercore ISI’s price target points to a potential downside of 0.37% from the company’s previous close.

Several other brokerages also recently issued reports on BK. Morgan Stanley reduced their price target on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. UBS Group raised their price target on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday. StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Finally, 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 research report on Monday, October 7th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.14.

Bank of New York Mellon Trading Up 1.3 %

NYSE BK opened at $83.31 on Thursday. The stock has a market capitalization of $60.57 billion, a P/E ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08. The firm has a 50-day moving average price of $78.74 and a 200 day moving average price of $72.08. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $83.67. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

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

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently made changes to their positions in BK. McClarren Financial Advisors Inc. raised its stake in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after acquiring an additional 346 shares during the period. Fortitude Family Office LLC grew its stake in shares of Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares in the last quarter. Grove Bank & Trust increased its stake in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after buying an additional 144 shares during the period. Ashton Thomas Securities LLC bought a new stake in Bank of New York Mellon during the third quarter worth approximately $46,000. Finally, Modus Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $49,000. 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.