Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, TD Cowen Analyst Says

Bank of New York Mellon (NYSE:BK) had its target price raised by research analysts at TD Cowen from $133.00 to $145.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. TD Cowen’s price objective would suggest a potential upside of 19.68% from the stock’s current price.

BK has been the subject of a number of other reports. Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the company from $119.00 to $134.00 in a research report on Wednesday. BMO Capital Markets began coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price for the company. Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Monday, December 29th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Finally, Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $118.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 17th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $115.43.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded down $0.16 during trading hours on Wednesday, reaching $121.15. 926,493 shares of the company’s stock were exchanged, compared to its average volume of 3,414,296. The business has a fifty day moving average of $112.93 and a two-hundred day moving average of $106.00. The company has a market capitalization of $84.49 billion, a P/E ratio of 17.47, a price-to-earnings-growth ratio of 0.99 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. Bank of New York Mellon has a 1 year low of $70.46 and a 1 year high of $122.36.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $5.07 billion for the quarter. As a group, research analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently made changes to their positions in the stock. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $220,000. Jones Financial Companies Lllp raised its holdings in shares of Bank of New York Mellon by 96.7% in the 1st quarter. Jones Financial Companies Lllp now owns 33,660 shares of the bank’s stock valued at $2,823,000 after buying an additional 16,545 shares during the period. Signature Estate & Investment Advisors LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth about $222,000. Caxton Associates LLP acquired a new position in Bank of New York Mellon during the 1st quarter worth about $348,000. Finally, Great Lakes Advisors LLC grew its position in Bank of New York Mellon by 3.2% in the 1st quarter. Great Lakes Advisors LLC now owns 39,976 shares of the bank’s stock valued at $3,353,000 after acquiring an additional 1,242 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Company Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.