Bank of New York Mellon (NYSE:BK) Price Target Raised to $110.00 at Evercore ISI

Key Points

• Bank of New York Mellon's price target was raised by Evercore ISI from $91.00 to $110.00, suggesting a potential upside of 1.70% from its previous close.
• Other analysts also increased their target prices, with Morgan Stanley setting it at $116.00 and Truist Financial at $109.00, reflecting a generally positive outlook for the bank's stock.
• The bank's recent earnings report showed an EPS of $1.94, surpassing estimates, which helped the stock maintain a strong market presence amid ups and downs in trading.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its target price raised by stock analysts at Evercore ISI from $91.00 to $110.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "in-line" rating on the bank's stock. Evercore ISI's target price would indicate a potential upside of 1.70% from the company's previous close.

Other equities research analysts have also recently issued research reports about the company. Morgan Stanley raised their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday. Truist Financial boosted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company boosted their price objective on 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, TD Cowen started coverage on Bank of New York Mellon in a research report on Thursday, September 25th. They issued a "buy" rating for the company. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $100.92.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $1.59 on Tuesday, hitting $108.16. The stock had a trading volume of 1,033,584 shares, compared to its average volume of 4,023,293. Bank of New York Mellon has a 52-week low of $70.41 and a 52-week high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $76.28 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 1.03 and a beta of 1.14. The company's 50 day moving average price is $104.02 and its 200 day moving average price is $92.38.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the prior year, the business earned $1.51 EPS. The firm's revenue was up 9.4% compared to the same quarter last year. On average, research analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Insider Buying and Selling

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president directly owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently modified their holdings of the business. Canada Post Corp Registered Pension Plan acquired a new position in shares of Bank of New York Mellon during the first quarter valued at about $1,035,000. TrueMark Investments LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter worth $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 purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in 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 buying an additional 100,810 shares during the period. Institutional investors own 85.31% of the company's stock.

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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