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 target price boosted by research analysts at Wells Fargo & Company from $82.00 to $86.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 5.77% from the company’s previous close.

A number of other research firms also recently issued reports on BK. The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Evercore ISI increased their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Truist Financial began coverage on shares of Bank of New York Mellon in a research report on Tuesday, January 7th. They issued a “buy” rating and a $91.00 price target on the stock. Finally, UBS Group increased their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $83.86.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded down $0.73 during trading on Thursday, reaching $81.31. The company had a trading volume of 182,660 shares, compared to its average volume of 3,949,463. Bank of New York Mellon has a 52 week low of $52.64 and a 52 week high of $82.72. The stock has a market cap of $59.12 billion, a PE ratio of 17.68, a PEG ratio of 0.76 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The business’s 50 day moving average price is $78.58 and its 200-day moving average price is $71.94.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the company posted $1.28 EPS. The company’s revenue was up 11.2% compared to the same quarter last year. Analysts expect that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. McClarren Financial Advisors Inc. lifted its position in Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares in the last quarter. Fortitude Family Office LLC lifted its position in Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares in the last quarter. Modus Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter worth about $49,000. Ashton Thomas Securities LLC bought a new stake in Bank of New York Mellon during the 3rd quarter worth about $46,000. Finally, Grove Bank & Trust raised its holdings in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

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.