Bank of New York Mellon (NYSE:BK) Price Target Raised to $77.00

Bank of New York Mellon (NYSE:BK) had its price target raised by JPMorgan Chase & Co. from $69.00 to $77.00 in a research note released on Monday, Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a hold rating to a buy rating and boosted their price objective for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Keefe, Bruyette & Woods restated an outperform rating and issued a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an equal weight rating in a report on Monday, September 30th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an in-line rating in a report on Monday, July 15th. Finally, The Goldman Sachs Group boosted their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a buy rating in a report on Thursday, September 26th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $72.92.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $74.45 on Monday. The firm has a market cap of $55.67 billion, a PE ratio of 17.22, a PEG ratio of 1.24 and a beta of 1.08. The firm has a fifty day moving average of $67.95 and a 200 day moving average of $62.18. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. Bank of New York Mellon has a one year low of $39.66 and a one year high of $74.47.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.38 EPS. As a group, research analysts predict that Bank of New York Mellon will post 5.63 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares during the period. Marshall Wace LLP raised its position in shares of Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after purchasing an additional 1,311,969 shares during the period. Panagora Asset Management Inc. raised its position in Bank of New York Mellon by 6,040.9% during the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock valued at $62,154,000 after buying an additional 1,020,906 shares during the period. M&G Plc acquired a new position in Bank of New York Mellon during the first quarter valued at $55,543,000. Finally, Putnam Investments LLC raised its position in Bank of New York Mellon by 224.9% during the fourth quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank’s stock valued at $52,105,000 after buying an additional 692,910 shares during the period. 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.