The Goldman Sachs Group Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Key Points

• The Goldman Sachs Group has increased its price target for Bank of New York Mellon (NYSE:BK) from $106.00 to $120.00, indicating a potential upside of 13.00% from its previous close and maintaining a "buy" rating.
• Other brokerages, including BMO Capital Markets and Keefe, Bruyette & Woods, have also rated BK positively, with price targets reaching as high as $125.00.
• The bank reported an EPS of $1.94 for the last quarter, which exceeded analysts' expectations, marking a 9.4% increase in quarterly revenue compared to the same period last year.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price target upped by research analysts at The Goldman Sachs Group from $106.00 to $120.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. The Goldman Sachs Group's price objective suggests a potential upside of 13.00% from the stock's previous close.

Several other brokerages have also issued reports on BK. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a report on Friday. They issued an "outperform" rating and a $125.00 price target for the company. Keefe, Bruyette & Woods boosted their price target on shares of 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 upped 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 research note on Friday, September 5th. 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 note on Thursday. Finally, Weiss Ratings restated a "buy (b+)" rating on shares of Bank of New York Mellon in a research note on Saturday, September 27th. Eleven 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $104.64.

Bank of New York Mellon Trading Down 0.4%

BK traded down $0.40 during trading on Monday, reaching $106.20. 1,125,656 shares of the company's stock were exchanged, compared to its average volume of 4,007,014. The company's fifty day moving average price is $104.60 and its 200-day moving average price is $93.05. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. 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 market capitalization of $74.89 billion, a PE ratio of 16.21, a P/E/G ratio of 1.01 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same quarter in the previous year, the business earned $1.51 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current year.

Insider Transactions at Bank of New York Mellon

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

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Bank of New York Mellon by 0.7% during the second quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank's stock worth $6,477,206,000 after purchasing an additional 517,081 shares during the period. Geode Capital Management LLC lifted its holdings in Bank of New York Mellon by 4.3% in the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank's stock valued at $1,717,074,000 after buying an additional 785,478 shares during the period. Artisan Partners Limited Partnership lifted its holdings in Bank of New York Mellon by 0.9% in the second quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank's stock valued at $1,439,831,000 after buying an additional 139,544 shares during the period. Ameriprise Financial Inc. lifted its holdings in Bank of New York Mellon by 1.9% in the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after buying an additional 221,613 shares during the period. Finally, Norges Bank acquired a new position in Bank of New York Mellon in the second quarter valued at $1,081,847,000. Institutional investors and hedge funds own 85.31% of the company's stock.

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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