Barclays 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 stock analysts at Barclays from $86.00 to $102.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Barclays‘s price objective indicates a potential upside of 30.94% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on BK. Citigroup upped their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. JPMorgan Chase & Co. raised their price target 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. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a report on Monday, October 14th. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.64.

Bank of New York Mellon Price Performance

Shares of BK opened at $77.90 on Monday. The company has a 50 day moving average of $78.46 and a 200-day moving average of $71.32. 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 stock has a market capitalization of $56.64 billion, a P/E ratio of 16.93, a P/E/G ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a twelve month low of $52.09 and a twelve month high of $82.72.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. As a group, equities research analysts forecast that Bank of New York Mellon will post 5.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was 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 currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors have recently made changes to their positions in the stock. Bangor Savings Bank bought a new position in shares of Bank of New York Mellon during the fourth quarter worth about $233,000. Neville Rodie & Shaw Inc. raised its holdings in Bank of New York Mellon by 82.1% during the 4th quarter. Neville Rodie & Shaw Inc. now owns 49,935 shares of the bank’s stock worth $3,837,000 after purchasing an additional 22,506 shares during the last quarter. CWA Asset Management Group LLC boosted its stake in shares of Bank of New York Mellon by 37.4% in the 4th quarter. CWA Asset Management Group LLC now owns 39,011 shares of the bank’s stock valued at $2,997,000 after purchasing an additional 10,620 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Bank of New York Mellon by 5.5% during the fourth quarter. Nordea Investment Management AB now owns 62,213 shares of the bank’s stock worth $4,790,000 after buying an additional 3,247 shares during the period. Finally, Modus Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter worth $49,000. Institutional investors own 85.31% of the company’s stock.

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.