Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Bank of New York Mellon (NYSE:BK) had its target price raised by research analysts at Wells Fargo & Company from $79.00 to $81.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 3.46% from the stock’s current price.

A number of other brokerages have also issued reports on BK. JPMorgan Chase & Co. increased their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Evercore ISI lifted their target price on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday, October 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. UBS Group lifted their price objective 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. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.23.

Bank of New York Mellon Stock Performance

Shares of BK opened at $78.29 on Friday. Bank of New York Mellon has a 52 week low of $46.04 and a 52 week high of $80.29. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The stock has a market cap of $56.92 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 0.89 and a beta of 1.07. The business has a 50-day simple moving average of $73.99 and a two-hundred day simple moving average of $65.89.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. On average, analysts expect that Bank of New York Mellon will post 5.82 EPS for the current year.

Insider Activity

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This represents a 9.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now directly owns 75,404 shares in the company, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Empowered Funds LLC increased its position in Bank of New York Mellon by 28.1% during the 1st quarter. Empowered Funds LLC now owns 10,620 shares of the bank’s stock valued at $612,000 after purchasing an additional 2,328 shares during the period. Blair William & Co. IL lifted its holdings in Bank of New York Mellon by 1.6% during the first quarter. Blair William & Co. IL now owns 21,393 shares of the bank’s stock worth $1,233,000 after buying an additional 338 shares during the period. Tocqueville Asset Management L.P. boosted its position in Bank of New York Mellon by 4.1% during the 1st quarter. Tocqueville Asset Management L.P. now owns 13,492 shares of the bank’s stock valued at $777,000 after acquiring an additional 528 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in shares of Bank of New York Mellon in the 1st quarter valued at $6,087,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Bank of New York Mellon by 99.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 930,275 shares of the bank’s stock worth $53,271,000 after acquiring an additional 463,360 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

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.