Bank of New York Mellon (NYSE:BK) Price Target Raised to $79.00 at Wells Fargo & Company

by · The Markets Daily

Bank of New York Mellon (NYSE:BK – Get Free Report) had its target price raised by analysts at Wells Fargo & Company from $69.00 to $79.00 in a report released on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 4.73% from the company’s current price.

A number of other equities research analysts have also recently commented on BK. Citigroup increased their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, September 19th. Barclays increased their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their target price for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Finally, Evercore ISI raised their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.08.

Check Out Our Latest Analysis on BK

Bank of New York Mellon Trading Up 1.7 %

BK stock traded up $1.28 during mid-day trading on Monday, reaching $75.43. The company had a trading volume of 666,650 shares, compared to its average volume of 3,854,934. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $56.41 billion, a PE ratio of 17.46, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The firm has a 50 day moving average of $68.37 and a 200 day moving average of $62.46. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $76.15.

Bank of New York Mellon (NYSE:BK – Get Free Report) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same period last year, the firm earned $1.38 earnings per share. The company’s quarterly revenue was up 2.1% on a year-over-year basis. On average, equities analysts predict that Bank of New York Mellon will post 5.66 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Large investors have recently added to or reduced their stakes in the business. Olistico Wealth LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $30,000. Clearstead Trust LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $32,000. Grove Bank & Trust boosted its stake in shares of Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the last quarter. Finally, Family Firm Inc. acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $40,000. 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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