Jefferies Financial Group Raises Bank of New York Mellon (NYSE:BK) Price Target to $68.00

Bank of New York Mellon (NYSE:BK) had its price objective boosted by analysts at Jefferies Financial Group from $67.00 to $68.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. Jefferies Financial Group’s target price indicates a potential upside of 22.70% from the company’s previous close.

A number of other research analysts also recently commented on BK. Bank of America increased their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group increased their target price on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Morgan Stanley raised shares of 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. Finally, Citigroup increased their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $59.15.

Bank of New York Mellon Stock Up 1.8 %

NYSE:BK traded up $0.96 during trading hours on Thursday, hitting $55.42. The stock had a trading volume of 766,583 shares, compared to its average volume of 3,981,984. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 1-year low of $39.65 and a 1-year high of $58.28. The business has a 50 day simple moving average of $55.73 and a two-hundred day simple moving average of $51.10. The company has a market cap of $41.72 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.15 and a beta of 1.12.

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 (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same quarter last year, the company earned $1.13 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts predict that Bank of New York Mellon will post 5.35 EPS for the current year.

Insider Activity

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction dated 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 directly owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BK. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth about $28,000. Brown Brothers Harriman & Co. lifted its position in shares of Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after purchasing an additional 300 shares in the last quarter. Able Wealth Management LLC bought a new position in Bank of New York Mellon during the fourth quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in Bank of New York Mellon during the first quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. raised its position in Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after acquiring an additional 183 shares in 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.