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 hoisted by investment analysts at Barclays from $120.00 to $143.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Barclays‘s target price would suggest a potential upside of 18.12% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. BMO Capital Markets assumed coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 price target for the company. The Goldman Sachs Group increased their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. TD Cowen boosted their target price on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Finally, Morgan Stanley increased their price target on shares of Bank of New York Mellon from $118.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, December 17th. Ten analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $113.50.

Bank of New York Mellon Price Performance

NYSE:BK traded up $4.02 on Monday, hitting $121.06. The company had a trading volume of 360,862 shares, compared to its average volume of 1,599,111. Bank of New York Mellon has a 52 week low of $70.46 and a 52 week high of $121.15. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $84.42 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 0.96 and a beta of 1.11. The firm has a 50 day moving average of $112.41 and a two-hundred day moving average of $105.58.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The business had revenue of $5.07 billion during the quarter. On average, research analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently modified their holdings of the stock. Westside Investment Management Inc. lifted its holdings in shares of Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares in the last quarter. Hoey Investments Inc. bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $32,000. Valley Wealth Managers Inc. bought a new position in Bank of New York Mellon in the 3rd quarter worth $33,000. GFG Capital LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $36,000. Finally, Caldwell Trust Co purchased a new position in Bank of New York Mellon during the second quarter valued at $36,000. 85.31% of the stock is currently owned by institutional investors.

About Bank of New York Mellon

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.