UBS Group Increases Bank of New York Mellon (NYSE:BK) Price Target to $94.00

Bank of New York Mellon (NYSE:BK) had its price objective increased by UBS Group from $88.00 to $94.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. UBS Group’s price target suggests a potential upside of 11.16% from the company’s current price.

A number of other research firms have also recently commented on BK. Barclays increased their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. JPMorgan Chase & Co. lifted their price target on shares of 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. Truist Financial upped their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Citigroup lifted their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Finally, Morgan Stanley upped their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Stock Up 1.5 %

Shares of NYSE:BK traded up $1.27 on Tuesday, reaching $84.56. The company had a trading volume of 902,840 shares, compared to its average volume of 4,141,556. The firm has a market capitalization of $61.48 billion, a PE ratio of 14.53, a PEG ratio of 0.95 and a beta of 1.08. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $84.49. The firm’s 50 day simple moving average is $78.96 and its 200-day simple moving average is $72.57.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, analysts expect that Bank of New York Mellon will post 6.86 earnings per share for the current fiscal year.

Institutional Trading of Bank of New York Mellon

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. McClarren Financial Advisors Inc. increased its holdings 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 purchasing an additional 346 shares during the period. Fortitude Family Office LLC increased its position in shares of 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 purchasing an additional 346 shares during the last quarter. 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 in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Bank of New York Mellon during the 3rd quarter worth $46,000. Finally, Modus Advisors LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $49,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.