Evercore ISI Raises Bank of New York Mellon (NYSE:BK) Price Target to $87.00

Bank of New York Mellon (NYSE:BK) had its price target increased by equities research analysts at Evercore ISI from $83.00 to $87.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “in-line” rating on the bank’s stock. Evercore ISI’s price objective would indicate a potential upside of 4.22% from the stock’s current price.

A number of other equities analysts have also weighed in on BK. Bank of America upped their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price target on shares of Bank of New York Mellon in a report on Monday, March 17th. Barclays boosted their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Finally, Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.00.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $0.40 during trading on Tuesday, hitting $83.48. 423,754 shares of the company’s stock traded hands, compared to its average volume of 4,253,517. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $90.34. The business has a 50-day simple moving average of $85.35 and a 200-day simple moving average of $79.80. The stock has a market capitalization of $59.93 billion, a P/E ratio of 14.37, a PEG ratio of 0.97 and a beta of 1.06. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the business posted $1.28 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the company. Parvin Asset Management LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth approximately $28,000. REAP Financial Group LLC boosted its position in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after buying an additional 218 shares during the period. Transce3nd LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth $33,000. Finally, South Plains Financial Inc. purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth $34,000. Hedge funds and other 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.