Bank of New York Mellon (NYSE:BK) Price Target Raised to $109.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company raised the price target for Bank of New York Mellon from $100.00 to $109.00, suggesting a potential upside of 2.15% from the stock's previous close.
• Several analysts have issued revised ratings for the stock, with Morgan Stanley setting a new target of $116.00 and Goldman Sachs raising theirs to $120.00, indicating strong overall confidence in the bank's prospects.
• Bank of New York Mellon has a consensus target price of $108.31, with the stock currently showing a price range over the past year between $70.46 and $110.87.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price target hoisted by research analysts at Wells Fargo & Company from $100.00 to $109.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the bank's stock. Wells Fargo & Company's price target suggests a potential upside of 2.15% from the company's previous close.

A number of other equities analysts have also recently weighed in on BK. Morgan Stanley increased their price objective 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, September 29th. Truist Financial increased their price objective 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, October 2nd. Citigroup increased 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 report on Friday, September 5th. The Goldman Sachs Group increased their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Finally, Evercore ISI increased their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a report on Tuesday, September 30th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $108.31.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $106.71 on Friday. The firm has a 50 day simple moving average of $105.54 and a 200-day simple moving average of $94.32. Bank of New York Mellon has a 1-year low of $70.46 and a 1-year high of $110.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $75.26 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.02 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. On average, analysts expect that Bank of New York Mellon will post 6.96 EPS for the current year.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction 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 sale, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alpine Bank Wealth Management acquired a new stake in Bank of New York Mellon during the 1st quarter worth $25,000. Westside Investment Management Inc. raised its stake in Bank of New York Mellon by 78.9% during the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank's stock worth $26,000 after acquiring an additional 127 shares in the last quarter. Cornerstone Planning Group LLC raised its stake in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after acquiring an additional 196 shares in the last quarter. Orion Capital Management LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth $32,000. Finally, Hoey Investments Inc. purchased a new position in Bank of New York Mellon during the 2nd quarter worth $32,000. 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.

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