UBS Group Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its price objective increased by UBS Group from $88.00 to $94.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. UBS Group’s target price would suggest a potential upside of 11.16% from the company’s previous close.

Several other research firms have also weighed in on BK. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. increased their target price on shares of 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. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Thursday, January 16th. Bank of America lifted their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

Bank of New York Mellon Stock Up 1.5 %

Shares of BK stock traded up $1.27 during trading hours on Tuesday, reaching $84.56. The company had a trading volume of 902,840 shares, compared to its average volume of 4,141,556. The business has a fifty day simple moving average of $78.96 and a 200-day simple moving average of $72.57. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $84.49. The company has a market cap of $61.48 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 0.95 and a beta of 1.08. 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 earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate 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 company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, research analysts expect that Bank of New York Mellon will post 6.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of the company. State Street Corp grew its stake in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after buying an additional 659,096 shares in the last quarter. FMR LLC increased its holdings in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares during the period. Ameriprise Financial Inc. lifted its holdings in shares of Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after buying an additional 421,161 shares during the period. Legal & General Group Plc grew its position in shares of Bank of New York Mellon by 1.2% during the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after buying an additional 97,286 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Bank of New York Mellon by 1.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,634,088 shares of the bank’s stock valued at $476,726,000 after buying an additional 117,974 shares during the period. 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.