Evercore ISI Raises Bank of New York Mellon (NYSE:BK) Price Target to $66.00

Bank of New York Mellon (NYSE:BK) had its price target increased by investment analysts at Evercore ISI from $61.00 to $66.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has an “in-line” rating on the bank’s stock. Evercore ISI’s price target would indicate a potential upside of 1.52% from the company’s previous close.

Several other equities analysts have also commented on the company. Royal Bank of Canada reaffirmed 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. Morgan Stanley boosted their price objective on Bank of New York Mellon from $63.00 to $65.00 and gave the company an “equal weight” rating in a report on Monday. Barclays boosted their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a report on Monday. Finally, Bank of America boosted their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.23.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $65.01 on Monday. Bank of New York Mellon has a 52 week low of $39.66 and a 52 week high of $65.90. The business’s fifty day simple moving average is $59.51 and its 200-day simple moving average is $56.90. The firm has a market cap of $48.62 billion, a PE ratio of 15.05, a price-to-earnings-growth ratio of 1.31 and a beta of 1.09. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.90.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.89% and a net margin of 9.40%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the prior year, the company posted $1.38 EPS. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Equities analysts forecast that Bank of New York Mellon will post 5.49 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In related news, VP Catherine Keating sold 54,070 shares of the company’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Bank of New York Mellon news, VP Catherine Keating sold 54,070 shares of the stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total value of $2,246,000.00. Following the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,928 shares of company stock valued at $6,475,216. 0.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently modified their holdings of the business. Wetzel Investment Advisors Inc. increased its stake in Bank of New York Mellon by 82.1% in the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Olistico Wealth LLC purchased a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $30,000. Able Wealth Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter valued at approximately $32,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Bank of New York Mellon in the 1st quarter valued at approximately $32,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.