Bank of New York Mellon (NYSE:BK) PT Raised to $66.00 at Bank of America

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

Several other research firms have also commented on BK. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Evercore ISI lifted their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Citigroup lifted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Finally, UBS Group raised their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, 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 Bank of New York Mellon stock traded up $0.60 during trading on Wednesday, reaching $54.60. 2,886,056 shares of the stock traded hands, compared to its average volume of 4,002,990. The company has a market capitalization of $41.11 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 1.18 and a beta of 1.12. The business has a fifty day simple moving average of $55.75 and a two-hundred day simple moving average of $51.08. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon has a 52-week low of $39.65 and a 52-week high of $58.28.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. The firm had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.13 earnings per share. Sell-side analysts expect that Bank of New York Mellon will post 5.33 EPS for the current year.

Insider Buying and Selling

In related news, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Large investors have recently made changes to their positions in the stock. Quilter Plc purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at $446,850,000. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $28,000. Brown Brothers Harriman & Co. boosted its stake in shares of Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after acquiring an additional 300 shares in the last quarter. Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $32,000. Finally, Hartford Financial Management Inc. boosted its stake in shares of Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after acquiring an additional 183 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.