Wells Fargo & Company Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK) had its price objective boosted by equities research analysts at Wells Fargo & Company from $86.00 to $96.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.35% from the company’s previous close.

Several other brokerages also recently weighed in on BK. Truist Financial upped their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft upped their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley boosted their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Evercore ISI increased their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $88.71.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded up $0.48 on Monday, hitting $89.43. 253,387 shares of the company’s stock were exchanged, compared to its average volume of 4,109,627. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a market capitalization of $65.02 billion, a PE ratio of 15.40, a PEG ratio of 0.97 and a beta of 1.08. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $90.34. The company has a 50-day simple moving average of $83.02 and a 200-day simple moving average of $77.30.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently modified their holdings of BK. Parvin Asset Management LLC bought a new position in Bank of New York Mellon during the fourth quarter valued at $25,000. Bellwether Advisors LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth about $28,000. REAP Financial Group LLC grew its holdings in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after purchasing an additional 218 shares during the last quarter. Transce3nd LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth about $33,000. Finally, South Plains Financial Inc. bought a new stake in Bank of New York Mellon in the fourth quarter worth about $34,000. Institutional investors own 85.31% of the company’s stock.

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.