Evercore ISI Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK) had its price objective raised by analysts at Evercore ISI from $79.00 to $83.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “in-line” rating on the bank’s stock. Evercore ISI’s price objective would indicate a potential upside of 1.75% from the company’s previous close.

BK has been the topic of a number of other reports. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday. UBS Group raised their price target on 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. Citigroup boosted their price objective 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. Deutsche Bank Aktiengesellschaft increased their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.43.

Bank of New York Mellon Stock Down 0.6 %

Shares of NYSE:BK traded down $0.47 on Thursday, reaching $81.57. The company had a trading volume of 1,842,621 shares, compared to its average volume of 4,106,705. The stock has a market capitalization of $59.31 billion, a P/E ratio of 17.73, a P/E/G ratio of 0.76 and a beta of 1.08. The stock has a 50-day moving average price of $78.58 and a 200 day moving average price of $71.94. Bank of New York Mellon has a twelve month low of $52.64 and a twelve month high of $82.72. 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 (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the company earned $1.28 EPS. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities analysts expect that Bank of New York Mellon will post 5.87 EPS for the current year.

Institutional Trading of Bank of New York Mellon

A number of hedge funds and other institutional investors have recently made changes to their positions in BK. State Street Corp grew its holdings in Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after acquiring an additional 659,096 shares during the last quarter. FMR LLC grew its stake in shares of Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after purchasing an additional 8,512,404 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after purchasing an additional 421,161 shares in the last quarter. Legal & General Group Plc raised its position in Bank of New York Mellon by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after purchasing an additional 97,286 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Bank of New York Mellon by 1.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,634,088 shares of the bank’s stock worth $476,726,000 after buying an additional 117,974 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.