Barclays Increases Bank of New York Mellon (NYSE:BK) Price Target to $86.00

Bank of New York Mellon (NYSE:BK) had its price target increased by stock analysts at Barclays from $75.00 to $86.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. Barclays‘s price objective would indicate a potential upside of 14.16% from the stock’s previous close.

A number of other equities analysts also recently issued reports on BK. UBS Group raised 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 report on Tuesday, October 8th. Citigroup lifted their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, September 19th. Evercore ISI raised their price objective on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday. The Goldman Sachs Group raised their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $75.08.

Bank of New York Mellon Trading Up 1.6 %

Bank of New York Mellon stock traded up $1.18 during trading hours on Monday, hitting $75.33. The stock had a trading volume of 544,034 shares, compared to its average volume of 3,854,315. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The stock has a market cap of $56.33 billion, a price-to-earnings ratio of 17.46, a P/E/G ratio of 1.16 and a beta of 1.08. Bank of New York Mellon has a one year low of $39.66 and a one year high of $76.15. The business’s 50 day simple moving average is $68.37 and its 200-day simple moving average is $62.46.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 EPS for the quarter, beating the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same period last year, the company earned $1.38 earnings per share. The business’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 EPS for the current fiscal year.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares in the company, valued at $11,150,652.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Several hedge funds have recently made changes to their positions in the company. Marshall Wace LLP raised its stake in shares of Bank of New York Mellon by 99.4% during the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after purchasing an additional 1,311,969 shares during the period. Panagora Asset Management Inc. raised its stake in shares of Bank of New York Mellon by 6,040.9% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock valued at $62,154,000 after purchasing an additional 1,020,906 shares during the period. M&G Plc bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $55,543,000. Swedbank AB bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $35,514,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in shares of Bank of New York Mellon by 89.5% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,216,146 shares of the bank’s stock valued at $72,835,000 after purchasing an additional 574,319 shares during the period. 85.31% of the stock is currently owned by institutional investors.

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.