Bank of New York Mellon (NYSE:BK) Given New $56.00 Price Target at Royal Bank of Canada

Bank of New York Mellon (NYSE:BKGet Rating) had its price objective dropped by Royal Bank of Canada from $60.00 to $56.00 in a report issued on Tuesday, The Fly reports. Royal Bank of Canada’s price target would indicate a potential upside of 21.19% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Zacks Investment Research raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a research note on Monday, January 10th. Wells Fargo & Company reduced their target price on shares of Bank of New York Mellon from $70.00 to $63.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 22nd. The Goldman Sachs Group lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their target price for the company from $68.00 to $60.00 in a report on Wednesday, March 30th. Barclays reduced their target price on shares of Bank of New York Mellon from $74.00 to $68.00 in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Bank of New York Mellon from $62.00 to $54.00 in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $59.53.

Shares of BK opened at $46.21 on Tuesday. The company has a market cap of $37.30 billion, a PE ratio of 11.13, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.69. The stock has a 50-day moving average price of $52.58 and a 200-day moving average price of $56.47. Bank of New York Mellon has a 12-month low of $44.99 and a 12-month high of $64.63.

Bank of New York Mellon (NYSE:BKGet Rating) last issued its quarterly earnings results on Monday, April 18th. The bank reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.01. The firm had revenue of $3.93 billion during the quarter, compared to the consensus estimate of $3.94 billion. Bank of New York Mellon had a return on equity of 9.51% and a net margin of 23.26%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company posted $0.97 EPS. As a group, analysts predict that Bank of New York Mellon will post 4.62 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $555,083,000. Millennium Management LLC boosted its stake in shares of Bank of New York Mellon by 1,368.8% during the 4th quarter. Millennium Management LLC now owns 1,668,416 shares of the bank’s stock valued at $96,902,000 after purchasing an additional 1,554,823 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Bank of New York Mellon by 201.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,820,978 shares of the bank’s stock valued at $94,399,000 after purchasing an additional 1,217,578 shares in the last quarter. Marathon Asset Mgmt Ltd bought a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at about $58,226,000. Finally, BlackRock Inc. boosted its stake in shares of Bank of New York Mellon by 1.7% during the 3rd quarter. BlackRock Inc. now owns 58,293,459 shares of the bank’s stock valued at $3,021,932,000 after purchasing an additional 957,284 shares in the last quarter. 82.45% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Company Profile (Get Rating)

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, prime brokerage, and data analytics.

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