UBS Group Raises Bank of New York Mellon (NYSE:BK) Price Target to $94.00

Bank of New York Mellon (NYSE:BK) had its price target hoisted by UBS Group from $88.00 to $94.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. UBS Group’s target price would indicate a potential upside of 11.47% from the stock’s previous close.

Several other research firms have also issued reports on BK. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Barclays increased their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Morgan Stanley upped their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Truist Financial lifted their price target 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, January 16th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Price Performance

BK opened at $84.33 on Tuesday. The stock has a fifty day moving average price of $79.10 and a 200 day moving average price of $72.74. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $85.81. The stock has a market cap of $61.31 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 0.95 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the company earned $1.28 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. Analysts forecast that Bank of New York Mellon will post 6.86 EPS for the current fiscal year.

Institutional Trading of Bank of New York Mellon

Institutional investors have recently modified their holdings of the company. United Advisor Group LLC bought a new stake in Bank of New York Mellon in the third quarter valued at about $595,000. Czech National Bank grew its stake in shares of Bank of New York Mellon by 4.9% in the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after purchasing an additional 7,316 shares during the period. Principal Financial Group Inc. lifted its position in shares of Bank of New York Mellon by 1.7% during the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after buying an additional 14,916 shares during the period. Chase Investment Counsel Corp boosted its stake in Bank of New York Mellon by 67.2% in the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after buying an additional 33,558 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after acquiring an additional 421,161 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.