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

Bank of New York Mellon (NYSE:BK) had its price target increased by Wells Fargo & Company from $100.00 to $109.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 3.06% from the stock’s current price.

BK has been the subject of a number of other reports. Morgan Stanley upped their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. BMO Capital Markets initiated coverage on Bank of New York Mellon in a report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective for the company. TD Cowen initiated coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a “buy” rating for the company. Citigroup increased their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Finally, Evercore ISI increased their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $109.62.

Bank of New York Mellon Price Performance

BK opened at $105.77 on Friday. The stock has a 50-day moving average price of $105.59 and a 200-day moving average price of $94.54. Bank of New York Mellon has a 12-month low of $70.46 and a 12-month high of $110.87. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $74.59 billion, a P/E ratio of 15.26, a PEG ratio of 0.99 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The firm had revenue of $4.38 billion during the quarter. Equities analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Canada Post Corp Registered Pension Plan bought a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $1,035,000. TrueMark Investments LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $4,282,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after acquiring an additional 50,368 shares in the last quarter. Formidable Asset Management LLC bought a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after acquiring an additional 100,810 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

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.