TD Cowen Raises Bank of New York Mellon (NYSE:BK) Price Target to $133.00

Key Points

• TD Cowen has raised its price target for Bank of New York Mellon (NYSE:BK) from $130.00 to $133.00, indicating a potential upside of 22.80% from the stock's previous close.
• Several analysts have also increased their price targets for the bank, with Barclays and Goldman Sachs both setting targets at $120.00, while Keefe, Bruyette & Woods set a target of $124.00.
• The company's stock had a trading volume of 903,678 shares on Monday, demonstrating a significant interest in the stock as it reached $108.31 during trading hours.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price objective raised by stock analysts at TD Cowen from $130.00 to $133.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. TD Cowen's price target points to a potential upside of 22.80% from the stock's previous close.

A number of other analysts have also recently weighed in on the company. Barclays increased their price objective on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday. The Goldman Sachs Group raised their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the company a "buy" rating in a report on Monday, October 6th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $120.00 to $124.00 and gave the company an "outperform" rating in a report on Friday. Truist Financial raised their price target on Bank of New York Mellon from $118.00 to $119.00 and gave the company a "hold" rating in a report on Friday. Finally, Wells Fargo & Company raised their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the company an "equal weight" rating in a report on Friday. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $111.29.

Bank of New York Mellon Stock Performance

Shares of NYSE BK traded up $2.33 during trading hours on Monday, reaching $108.31. The stock had a trading volume of 903,678 shares, compared to its average volume of 4,019,545. The firm has a market cap of $76.38 billion, a price-to-earnings ratio of 15.62, a PEG ratio of 0.98 and a beta of 1.13. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The firm has a 50-day moving average of $105.59 and a 200-day moving average of $94.64.

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. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The company had revenue of $4.38 billion during the quarter. Equities research analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction dated 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 transaction, the executive vice president owned 35,115 shares in the company, valued at $3,457,071.75. The trade was a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BK. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth about $220,000. GAMMA Investing LLC boosted its holdings in Bank of New York Mellon by 14.9% in the first quarter. GAMMA Investing LLC now owns 16,692 shares of the bank's stock valued at $1,400,000 after purchasing an additional 2,168 shares during the last quarter. Blue Trust Inc. boosted its holdings in Bank of New York Mellon by 134.9% in the first quarter. Blue Trust Inc. now owns 4,414 shares of the bank's stock valued at $370,000 after purchasing an additional 2,535 shares during the last quarter. ORG Partners LLC purchased a new position in Bank of New York Mellon in the first quarter valued at about $42,000. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in Bank of New York Mellon by 6.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 77,278 shares of the bank's stock valued at $6,481,000 after purchasing an additional 4,866 shares during the last quarter. Institutional investors and hedge funds 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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