Wells Fargo & Company Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its target price raised by analysts at Wells Fargo & Company from $81.00 to $82.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s target price points to a potential upside of 5.47% from the company’s current price.

A number of other brokerages have also recently issued reports on BK. Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. UBS Group upped their price target on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Morgan Stanley upgraded Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $82.00 to $94.00 in a research note on Monday, December 9th. Evercore ISI raised their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a report on Monday, October 14th. Finally, 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 report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.08.

Bank of New York Mellon Stock Performance

BK stock traded up $0.92 on Thursday, hitting $77.75. The company’s stock had a trading volume of 777,224 shares, compared to its average volume of 3,833,463. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The stock has a market cap of $56.53 billion, a price-to-earnings ratio of 16.90, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. Bank of New York Mellon has a 1 year low of $51.79 and a 1 year high of $82.72. The firm has a 50 day moving average of $78.36 and a two-hundred day moving average of $70.71.

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

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This represents a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Hanneke Smits sold 16,475 shares of Bank of New York Mellon stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This represents a 9.47 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. McClarren Financial Advisors Inc. grew its holdings in Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares during the last quarter. Clearstead Trust LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Fortitude Family Office LLC raised its position in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the period. Grove Bank & Trust boosted its position 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 valued at $46,000 after buying an additional 144 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Bank of New York Mellon in the third quarter worth $46,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Company Profile

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.