Bank of America Increases Bank of New York Mellon (NYSE:BK) Price Target to $66.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by research analysts at Bank of America from $64.00 to $66.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Bank of America‘s price objective suggests a potential upside of 20.88% from the stock’s previous close.

Several other brokerages have also recently weighed in on BK. Royal Bank of Canada reissued a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Evercore ISI lifted 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 report on Thursday, April 4th. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Citigroup boosted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Finally, UBS Group lifted 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 report on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $58.17.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded up $0.60 on Wednesday, hitting $54.60. The stock had a trading volume of 2,886,056 shares, compared to its average volume of 4,002,990. The firm’s 50 day moving average price is $55.75 and its 200-day moving average price is $51.08. The company has a market capitalization of $41.11 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon has a twelve month low of $39.65 and a twelve month high of $58.28.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.10. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.13 EPS. On average, equities research analysts predict that Bank of New York Mellon will post 5.33 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction 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 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 document filed with the SEC, which is available through the SEC website. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently bought and sold shares of BK. Quent Capital LLC boosted its stake in Bank of New York Mellon by 3.8% in the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth $262,000 after buying an additional 182 shares in the last quarter. Hartford Financial Management Inc. increased its holdings in shares of Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after buying an additional 183 shares during the period. Vivaldi Capital Management LP boosted its position in Bank of New York Mellon by 3.3% during the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock valued at $324,000 after buying an additional 192 shares during the period. Certuity LLC lifted its stake in Bank of New York Mellon by 2.3% in the fourth quarter. Certuity LLC now owns 8,972 shares of the bank’s stock worth $467,000 after acquiring an additional 205 shares during the period. Finally, Choreo LLC lifted its holdings in Bank of New York Mellon by 1.8% in the fourth quarter. Choreo LLC now owns 11,903 shares of the bank’s stock worth $620,000 after buying an additional 208 shares during the period. 85.31% of the stock is currently owned by institutional investors.

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.