Barclays Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

by · The Markets Daily

Bank of New York Mellon (NYSE:BK – Get Free Report) had its price objective upped by Barclays from $86.00 to $102.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price target would suggest a potential upside of 30.20% from the stock’s current price.

A number of other brokerages also recently commented on BK. Royal Bank of Canada restated a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. UBS Group increased their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group upped their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $82.00.

View Our Latest Report on BK

Bank of New York Mellon Price Performance

Shares of NYSE BK traded up $1.41 during midday trading on Monday, reaching $78.34. 1,181,819 shares of the stock traded hands, compared to its average volume of 2,630,207. Bank of New York Mellon has a one year low of $52.09 and a one year high of $82.72. The stock has a market capitalization of $56.96 billion, a PE ratio of 17.03, a P/E/G ratio of 0.91 and a beta of 1.08. The company’s 50 day moving average is $78.41 and its 200 day moving average is $71.06. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK – Get Free Report) last released its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. On average, equities research analysts anticipate that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was a 9.47 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

Institutional Trading of Bank of New York Mellon

Hedge funds and other institutional investors have recently bought and sold shares of the stock. McClarren Financial Advisors Inc. raised its holdings in Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after purchasing an additional 346 shares during the period. Clearstead Trust LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $32,000. Fortitude Family Office LLC grew its stake in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares during the period. Grove Bank & Trust increased its holdings in Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after acquiring an additional 144 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in Bank of New York Mellon during the third quarter valued at $46,000. 85.31% of the stock is owned by institutional investors and hedge funds.

About Bank of New York Mellon

(Get Free Report)

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.

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