Barclays Increases Bank of New York Mellon (NYSE:BK) Price Target to $104.00

Bank of New York Mellon (NYSE:BK) had its target price lifted by equities research analysts at Barclays from $102.00 to $104.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price objective would suggest a potential upside of 27.65% from the company’s current price.

A number of other equities research analysts also recently commented on BK. Citigroup boosted their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. upped their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. UBS Group raised their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Evercore ISI increased their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $87.14.

Bank of New York Mellon Price Performance

BK stock traded down $0.57 during midday trading on Thursday, hitting $81.47. The company’s stock had a trading volume of 2,068,587 shares, compared to its average volume of 4,132,274. The firm has a market capitalization of $59.24 billion, a price-to-earnings ratio of 17.71, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $82.72. The company has a 50 day moving average of $78.58 and a two-hundred day moving average of $71.94.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Bank of New York Mellon’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.28 earnings per share. On average, analysts expect that Bank of New York Mellon will post 5.87 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently bought and sold shares of the business. United Advisor Group LLC bought a new position in shares of Bank of New York Mellon in the third quarter worth about $595,000. Czech National Bank boosted its position in 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 buying an additional 7,316 shares during the period. Principal Financial Group Inc. grew its stake in Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after acquiring an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp increased its position in shares of Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after acquiring an additional 33,558 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of Bank of New York Mellon by 4.2% during 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 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.