Wells Fargo & Company Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price target lifted by research analysts at Wells Fargo & Company from $96.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Wells Fargo & Company's price target suggests a potential upside of 4.79% from the company's previous close.

A number of other brokerages have also issued reports on BK. Citigroup boosted their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Evercore ISI lifted their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. Truist Financial increased their target price on Bank of New York Mellon from $97.00 to $100.00 and gave the stock a "hold" rating in a research note on Wednesday. Morgan Stanley lifted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a research note on Wednesday. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $94.38.

Bank of New York Mellon Trading Up 0.3%

Shares of NYSE:BK traded up $0.27 during midday trading on Wednesday, reaching $95.43. 5,438,118 shares of the company's stock were exchanged, compared to its average volume of 4,139,828. The stock has a market cap of $68.27 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 1.03 and a beta of 1.07. Bank of New York Mellon has a fifty-two week low of $60.93 and a fifty-two week high of $96.47. The firm's 50 day simple moving average is $90.33 and its two-hundred day simple moving average is $84.93. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analysts' expectations of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.57%. The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the business earned $1.51 earnings per share. As a group, sell-side analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president owned 55,115 shares of the company's stock, valued at $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.14% of the company's stock.

Institutional Trading of Bank of New York Mellon

A number of institutional investors have recently bought and sold shares of BK. Leonard Rickey Investment Advisors P.L.L.C. raised its position in shares of Bank of New York Mellon by 2.2% in the 2nd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,094 shares of the bank's stock worth $464,000 after buying an additional 112 shares during the period. Sax Wealth Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 2.3% during the 1st quarter. Sax Wealth Advisors LLC now owns 5,278 shares of the bank's stock valued at $443,000 after acquiring an additional 117 shares in the last quarter. Capital Analysts LLC boosted its position in Bank of New York Mellon by 3.7% during the 4th quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock worth $255,000 after purchasing an additional 119 shares during the period. Hemington Wealth Management increased its holdings in Bank of New York Mellon by 8.0% in the 1st quarter. Hemington Wealth Management now owns 1,628 shares of the bank's stock valued at $136,000 after purchasing an additional 121 shares in the last quarter. Finally, Y.D. More Investments Ltd increased its holdings in Bank of New York Mellon by 13.8% in the 1st quarter. Y.D. More Investments Ltd now owns 1,030 shares of the bank's stock valued at $86,000 after purchasing an additional 125 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.