Credit Agricole Upgrades The Bank of New York Mellon to “Outperform” (BK)
The Bank of New York Mellon (NYSE:BK) was upgraded by investment analysts at Credit Agricole to an “outperform” rating in a note issued to investors on Monday. The firm currently has a $42.00 price objective on the stock. Credit Agricole’s price objective suggests a potential upside of 15.93% from the company’s current price.
The Bank of New York Mellon (NYSE:BK) traded up 2.82% during mid-day trading on Monday, hitting $37.25. The stock had a trading volume of 7,562,327 shares. The Bank of New York Mellon has a 52-week low of $28.01 and a 52-week high of $36.39. The stock’s 50-day moving average is $34.99 and its 200-day moving average is $33.79. The company has a market cap of $42.479 billion and a P/E ratio of 14.24.
The Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.54 by $0.03. The company had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. On average, analysts predict that The Bank of New York Mellon will post $2.35 earnings per share for the current fiscal year.
BK has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of The Bank of New York Mellon in a research note on Tuesday, June 3rd. They now have a $36.00 price target on the stock. Separately, analysts at Deutsche Bank initiated coverage on shares of The Bank of New York Mellon in a research note on Thursday, May 22nd. They set a “hold” rating and a $34.00 price target on the stock. Finally, analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of The Bank of New York Mellon in a research note on Friday, May 9th. They now have a $32.50 price target on the stock, down previously from $34.00. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $36.04.
The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company.
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