Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, Bank of America Analyst Says

Bank of New York Mellon (NYSE:BK) had its price target increased by analysts at Bank of America from $90.00 to $95.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Bank of America‘s price target indicates a potential upside of 14.03% from the company’s current price.

A number of other equities analysts have also recently commented on the company. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group raised their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. raised their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Truist Financial increased their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday. Finally, UBS Group boosted their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Stock Up 1.3 %

BK stock opened at $83.31 on Thursday. Bank of New York Mellon has a one year low of $52.64 and a one year high of $83.67. The firm has a market cap of $60.57 billion, a PE ratio of 18.11, a PEG ratio of 0.76 and a beta of 1.08. The firm’s 50 day moving average price is $78.74 and its 200-day moving average price is $72.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion for 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%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 EPS. On average, equities research analysts anticipate 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

A number of hedge funds and other institutional investors have recently modified their holdings of BK. Studio Investment Management LLC increased its stake in Bank of New York Mellon by 2.1% in the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after purchasing an additional 134 shares in the last quarter. Stanley Laman Group Ltd. lifted its holdings in shares of Bank of New York Mellon by 2.2% in the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after purchasing an additional 135 shares in the last quarter. Grove Bank & Trust increased its stake in shares of Bank of New York Mellon by 21.0% during the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC lifted its stake in Bank of New York Mellon by 2.0% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after buying an additional 137 shares in the last quarter. Finally, Frank Rimerman Advisors LLC grew its holdings in Bank of New York Mellon by 1.1% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after buying an additional 142 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.