Bank of New York Mellon’s (BK) Sector Perform Rating Reiterated at Royal Bank of Canada

Bank of New York Mellon (NYSE:BK)‘s stock had its “sector perform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research report issued on Monday,Benzinga reports. They presently have a $90.00 price target on the bank’s stock. Royal Bank of Canada’s target price suggests a potential upside of 8.93% from the stock’s current price.

Several other research analysts have also issued reports on BK. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Bank of America raised their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Barclays raised their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Finally, UBS Group raised their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $89.50.

Bank of New York Mellon Stock Up 0.2 %

Shares of NYSE BK opened at $82.62 on Monday. The firm has a market cap of $59.32 billion, a PE ratio of 14.22, a P/E/G ratio of 0.97 and a beta of 1.06. Bank of New York Mellon has a 12-month low of $52.64 and a 12-month high of $90.34. The company’s fifty day simple moving average is $84.48 and its 200 day simple moving average is $78.76. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

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

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently modified their holdings of the business. Czech National Bank increased its stake in shares of Bank of New York Mellon by 4.9% in the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock worth $12,112,000 after purchasing an additional 7,316 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Bank of New York Mellon by 130.1% in the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock worth $23,449,000 after purchasing an additional 184,560 shares in the last quarter. Primecap Management Co. CA increased its stake in shares of Bank of New York Mellon by 1.2% in the third quarter. Primecap Management Co. CA now owns 719,900 shares of the bank’s stock worth $51,732,000 after purchasing an additional 8,400 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new position in shares of Bank of New York Mellon in the third quarter worth about $1,010,000. Finally, Fifth Third Bancorp increased its stake in shares of Bank of New York Mellon by 9.2% in the fourth quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock worth $7,226,000 after purchasing an additional 7,935 shares in the last quarter. Hedge funds and other 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.