Keefe, Bruyette & Woods Increases Bank of New York Mellon (NYSE:BK) Price Target to $96.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by Keefe, Bruyette & Woods from $87.00 to $96.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 19.69% from the stock’s current price.

A number of other equities analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Morgan Stanley lifted their price target on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. JPMorgan Chase & Co. lifted their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Finally, Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $79.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Friday, November 15th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $79.77.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $80.21 on Tuesday. The stock has a market cap of $58.32 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 0.92 and a beta of 1.07. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 1-year low of $47.48 and a 1-year high of $82.72. The stock’s 50-day moving average is $76.59 and its 200 day moving average is $67.99.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. On average, sell-side analysts anticipate that Bank of New York Mellon will post 5.84 EPS for the current fiscal year.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was 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 directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The stock was 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 directly owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents 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 modified their holdings of the stock. United Advisor Group LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter worth $595,000. Principal Financial Group Inc. grew its stake in shares of Bank of New York Mellon by 1.7% in the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after acquiring an additional 14,916 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after acquiring an additional 421,161 shares during the last quarter. Chase Investment Counsel Corp grew its stake in shares of Bank of New York Mellon by 67.2% in the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after acquiring an additional 33,558 shares during the last quarter. Finally, Williams Financial LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter worth $587,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.