Bank of New York Mellon (NYSE:BK) Coverage Initiated by Analysts at BMO Capital Markets

Key Points

• BMO Capital Markets has initiated coverage on Bank of New York Mellon, giving it an "outperform" rating with a price target of $125.00, indicating a potential upside of 17.57% from its previous close.
• The stock has recently seen upgrades from several analysts, with price targets raised by institutions like Citigroup and Morgan Stanley, reflecting positive sentiment in the market.
• Bank of New York Mellon reported earnings of $1.94 per share, beating estimates, and has shown a 9.4% revenue increase compared to the same quarter last year.

BMO Capital Markets assumed coverage on shares of Bank of New York Mellon (NYSE:BK - Get Free Report) in a research note issued on Friday,Benzinga reports. The brokerage set an "outperform" rating and a $125.00 price target on the bank's stock. BMO Capital Markets' price objective would suggest a potential upside of 17.57% from the stock's previous close.

Other analysts have also recently issued research reports about the stock. Citigroup raised their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a "neutral" rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Truist Financial raised their price target on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a "hold" rating in a research report on Thursday. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $103.46.

Bank of New York Mellon Stock Performance

NYSE BK opened at $106.32 on Friday. The firm has a 50-day moving average of $104.49 and a 200-day moving average of $92.76. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The stock has a market cap of $74.98 billion, a PE ratio of 16.23, a P/E/G ratio of 1.01 and a beta of 1.13. Bank of New York Mellon has a 52-week low of $70.41 and a 52-week high of $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. The company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. Bank of New York Mellon's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.51 EPS. On average, sell-side analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.14% of the company's stock.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Canada Post Corp Registered Pension Plan bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $1,035,000. TrueMark Investments LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $4,282,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank's stock valued at $18,740,000 after purchasing an additional 50,368 shares during the last quarter. Formidable Asset Management LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank's stock valued at $15,399,000 after purchasing an additional 100,810 shares during the last quarter. 85.31% of the stock is owned by 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.

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