Wells Fargo & Company Raises Bank of New York Mellon (NYSE:BK) Price Target to $81.00

Bank of New York Mellon (NYSE:BK) had its target price lifted by research analysts at Wells Fargo & Company from $79.00 to $81.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 4.52% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. Deutsche Bank Aktiengesellschaft raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday. The Goldman Sachs Group raised their target price on 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. 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 report on Monday, October 7th. Finally, Morgan Stanley increased their price target on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $77.23.

Bank of New York Mellon Stock Down 0.1 %

Shares of Bank of New York Mellon stock opened at $77.50 on Friday. Bank of New York Mellon has a 52-week low of $46.04 and a 52-week high of $80.29. The firm’s 50 day moving average price is $73.56 and its 200-day moving average price is $65.66. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The company has a market cap of $56.35 billion, a P/E ratio of 16.87, a PEG ratio of 0.89 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. On average, sell-side analysts predict that Bank of New York Mellon will post 5.82 EPS for the current fiscal year.

Insider Activity at Bank of New York Mellon

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

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the stock. Centiva Capital LP raised its position in Bank of New York Mellon by 35.7% during the third quarter. Centiva Capital LP now owns 59,669 shares of the bank’s stock worth $4,288,000 after acquiring an additional 15,696 shares during the period. Cinctive Capital Management LP acquired a new stake in Bank of New York Mellon during the 3rd quarter worth $1,786,000. Ascent Group LLC boosted its stake in Bank of New York Mellon by 81.3% during the 3rd quarter. Ascent Group LLC now owns 12,666 shares of the bank’s stock worth $910,000 after purchasing an additional 5,680 shares during the period. Benjamin Edwards Inc. raised its position in Bank of New York Mellon by 583.0% during the 3rd quarter. Benjamin Edwards Inc. now owns 10,306 shares of the bank’s stock worth $741,000 after buying an additional 8,797 shares during the last quarter. Finally, Point72 Hong Kong Ltd boosted its position in shares of Bank of New York Mellon by 1,340.6% during the 3rd quarter. Point72 Hong Kong Ltd now owns 15,400 shares of the bank’s stock worth $1,107,000 after purchasing an additional 14,331 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.