Bank of New York Mellon (NYSE:BK) Given New $66.00 Price Target at Bank of America

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price target upped by research analysts at Bank of America from $64.00 to $66.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the bank's stock. Bank of America's price objective indicates a potential upside of 21.17% from the company's current price.

A number of other analysts have also recently issued reports on BK. Morgan Stanley raised Bank of New York Mellon from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $52.00 to $62.00 in a research note on Tuesday, January 30th. UBS Group raised their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, January 9th. Evercore ISI upped their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the stock an "in-line" rating in a research note on Thursday, April 4th. Royal Bank of Canada reissued a "sector perform" rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Finally, Citigroup boosted their price target on Bank of New York Mellon from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, February 14th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $58.17.

Bank of New York Mellon Trading Up 0.9 %

NYSE BK traded up $0.47 during trading on Wednesday, reaching $54.47. 4,513,897 shares of the stock traded hands, compared to its average volume of 4,027,140. The stock's 50-day moving average price is $55.75 and its 200 day moving average price is $51.08. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.87. The firm has a market cap of $41.01 billion, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. Bank of New York Mellon has a fifty-two week low of $39.65 and a fifty-two week high of $58.28.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. The company had revenue of $4.53 billion during the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a net margin of 10.01% and a return on equity of 11.63%. The firm's revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.13 EPS. Analysts predict that Bank of New York Mellon will post 5.33 EPS for the current year.

Insider Activity

In related news, VP Catherine Keating sold 4,498 shares of the business's stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares of the company's stock, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in BK. Atlantic Edge Private Wealth Management LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $28,000. Brown Brothers Harriman & Co. raised its position in shares of Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank's stock valued at $30,000 after buying an additional 300 shares in the last quarter. Able Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Bank of New York Mellon in the first quarter valued at approximately $32,000. Finally, Hartford Financial Management Inc. grew its position in Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank's stock worth $33,000 after buying an additional 183 shares in the last quarter. 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.