Bank of New York Mellon (NYSE:BK) Price Target Raised to $116.00

Key Points

• Morgan Stanley has raised its price target for Bank of New York Mellon from $101.00 to $116.00, indicating a potential upside of 6.19% from the stock's previous close.
• Multiple analysts have increased their price targets for the bank, with Keefe, Bruyette & Woods setting theirs at $113.00 and Citigroup at $105.00, reflecting a generally positive outlook.
• The bank reported earnings of $1.94 per share, surpassing estimates, and showed a 9.4% year-over-year revenue increase to $4.77 billion.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price objective boosted by stock analysts at Morgan Stanley from $101.00 to $116.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. Morgan Stanley's price target would suggest a potential upside of 6.19% from the stock's previous close.

BK has been the subject of several other reports. Keefe, Bruyette & Woods raised their price target 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. Citigroup raised their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Truist Financial raised their price target 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. Evercore ISI raised their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Finally, TD Cowen initiated coverage on Bank of New York Mellon in a report on Thursday. They issued a "buy" rating for the company. Eight 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, Bank of New York Mellon currently has an average rating of "Moderate Buy" and an average target price of $99.25.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock traded down $0.30 during mid-day trading on Monday, reaching $109.24. 778,786 shares of the company were exchanged, compared to its average volume of 4,030,360. Bank of New York Mellon has a twelve month low of $70.41 and a twelve month high of $110.87. The firm's 50-day simple moving average is $103.79 and its two-hundred day simple moving average is $92.19. 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 firm has a market cap of $77.04 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14.

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 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. During the same period last year, the firm earned $1.51 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Equities analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors have recently added to or reduced their stakes in the business. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon during the fourth quarter valued at about $220,000. GAMMA Investing LLC grew its position in Bank of New York Mellon by 9,538.9% during the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after acquiring an additional 1,385,434 shares during the period. Parallel Advisors LLC grew its position in Bank of New York Mellon by 1.1% during the first quarter. Parallel Advisors LLC now owns 12,589 shares of the bank's stock valued at $1,056,000 after acquiring an additional 139 shares during the period. Czech National Bank grew its position in Bank of New York Mellon by 4.6% during the first quarter. Czech National Bank now owns 164,840 shares of the bank's stock valued at $13,825,000 after acquiring an additional 7,195 shares during the period. Finally, Enterprise Bank & Trust Co purchased a new stake in shares of Bank of New York Mellon in the first quarter worth about $208,000. 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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