Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Bank of New York Mellon (NYSE:BK) had its price objective raised by analysts at Wells Fargo & Company from $96.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target points to a potential upside of 2.09% from the company’s current price.

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

Bank of New York Mellon Trading Up 2.6%

BK opened at $97.95 on Wednesday. The company’s 50 day moving average price is $90.58 and its two-hundred day moving average price is $85.07. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.69. Bank of New York Mellon has a fifty-two week low of $60.93 and a fifty-two week high of $98.16. The firm has a market capitalization of $70.08 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.01 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data 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. 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 for the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the firm earned $1.51 earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the sale, the executive vice president owned 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $1,150,462,000. Nuveen LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth $773,627,000. FMR LLC boosted its stake in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock valued at $117,414,000 after purchasing an additional 1,385,434 shares in the last quarter. 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.