Royal Bank of Canada Reiterates Sector Perform Rating for Bank of New York Mellon (NYSE:BK)

Bank of New York Mellon (NYSE:BK)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at Royal Bank of Canada in a research note issued to investors on Monday, Benzinga reports. They currently have a $79.00 price target on the bank’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 3.62% from the company’s previous close.

Several other brokerages have also recently issued reports on BK. Morgan Stanley upped their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price objective for the stock from $66.00 to $80.00 in a research note on Monday, September 23rd. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, The Goldman Sachs Group lifted their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $76.69.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $76.24 on Monday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. Bank of New York Mellon has a 1 year low of $39.66 and a 1 year high of $77.67. The firm’s 50-day simple moving average is $68.95 and its 200-day simple moving average is $62.73. The firm has a market cap of $57.01 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BK. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the second quarter worth approximately $30,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $32,000. Clearstead Trust LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at $32,000. Family Firm Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $40,000. Finally, Grove Bank & Trust increased its stake in Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares in the last quarter. 85.31% of the stock is currently owned by 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.