Bank of New York Mellon (NYSE:BK) Receives “Sector Perform” Rating from Royal Bank of Canada

Bank of New York Mellon (NYSE:BK)‘s stock had its “sector perform” rating reiterated by Royal Bank of Canada in a note issued to investors on Monday,Benzinga reports. They presently have a $90.00 price target on the bank’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 9.24% from the stock’s previous close.

BK has been the subject of several other research reports. Morgan Stanley increased their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Barclays lifted their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $89.50.

Bank of New York Mellon Trading Up 0.8 %

BK traded up $0.64 during trading on Monday, hitting $82.39. 958,043 shares of the stock traded hands, compared to its average volume of 4,332,875. The firm has a 50-day moving average of $84.30 and a 200 day moving average of $78.55. Bank of New York Mellon has a 12-month low of $52.64 and a 12-month high of $90.34. The firm has a market capitalization of $59.15 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm earned $1.28 EPS. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities research analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently modified their holdings of BK. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $1,150,462,000. FMR LLC lifted its position in Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after buying an additional 8,512,404 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after purchasing an additional 3,142,869 shares during the period. Northern Trust Corp lifted its position in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after purchasing an additional 1,526,686 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Bank of New York Mellon during the 4th quarter valued at about $90,955,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.