Barclays Increases The Bank of New York Mellon Price Target to $42.00 (BK)
Barclays lifted their price target on shares of The Bank of New York Mellon (NYSE:BK) from $39.00 to $42.00 in a research note issued on Monday. The firm currently has an “overweight” rating on the stock. Barclays’ price target indicates a potential upside of 9.26% from the company’s current price.
Shares of The Bank of New York Mellon (NYSE:BK) traded up 0.03% during mid-day trading on Monday, hitting $38.44. The stock had a trading volume of 5,869,024 shares. The Bank of New York Mellon has a 1-year low of $29.52 and a 1-year high of $38.70. The stock’s 50-day moving average is $36.49 and its 200-day moving average is $34.23. The company has a market cap of $43.499 billion and a price-to-earnings ratio of 16.68. The Bank of New York Mellon also was the recipient of a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 17,081,884 shares, a growth of 21.5% from the June 13th total of 14,062,319 shares. Based on an average trading volume of 6,578,309 shares, the short-interest ratio is currently 2.6 days. Approximately 1.5% of the shares of the company are short sold.
The Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, July 18th. The company reported $0.62 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.57 by $0.05. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter last year, the company posted $0.62 earnings per share. The Bank of New York Mellon’s revenue was down 7.0% compared to the same quarter last year. On average, analysts predict that The Bank of New York Mellon will post $2.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, August 8th. Stockholders of record on Tuesday, July 29th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Friday, July 25th.
BK has been the subject of a number of other recent research reports. Analysts at Credit Suisse reiterated a “neutral” rating on shares of The Bank of New York Mellon in a research note on Monday. They now have a $35.00 price target on the stock, up previously from $34.00. Separately, analysts at RBC Capital raised their price target on shares of The Bank of New York Mellon from $34.00 to $40.00 in a research note on Monday. They now have a “sector perform” rating on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of The Bank of New York Mellon in a research note on Monday, July 14th. They now have a $36.00 price target on the stock, up previously from $34.00. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $37.15.
The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.