The Bank of New York Mellon’s Neutral Rating Reiterated at Zacks (BK)
The Bank of New York Mellon (NYSE:BK)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Monday. They currently have a $41.00 target price on the stock. Zacks‘s target price points to a potential upside of 4.65% from the stock’s previous close.
Zacks’ analyst wrote, “BNY Mellon’s second-quarter earnings surpassed the Zacks Consensus Estimate. The quarter benefited from higher investment management & performance fees, partially offset by a decline in net interest revenues and higher expenses. Moreover, an improvement in the asset position aided results. The fervent restructuring initiatives and acquisitions undertaken by the company along with its prudent expense management will propel top line growth going forward. Moreover, a robust capital position and enhanced capital deployment activities will continue to boost investors’ confidence. However, litigation costs and additional expenses driven by increased restructuring activities will keep the top line under pressure in the near term. Also, a persistently low interest rate environment and slow economic recovery are expected to weigh on the company’s profitability.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of The Bank of New York Mellon in a research note on Friday, July 25th. They now have a $36.00 price target on the stock, up previously from $35.00. Separately, analysts at Argus raised their price target on shares of The Bank of New York Mellon from $40.00 to $45.00 in a research note on Wednesday, July 23rd. They now have a “buy” rating on the stock. Finally, analysts at Barclays raised their price target on shares of The Bank of New York Mellon from $39.00 to $42.00 in a research note on Monday, July 21st. They now have an “overweight” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $38.14.
Shares of The Bank of New York Mellon (NYSE:BK) traded up 0.46% on Monday, hitting $39.18. 3,926,582 shares of the company’s stock traded hands. The Bank of New York Mellon has a one year low of $29.55 and a one year high of $40.06. The stock has a 50-day moving average of $38.79 and a 200-day moving average of $35.46. The company has a market cap of $44.336 billion and a price-to-earnings ratio of 16.93.
The Bank of New York Mellon (NYSE:BK) last posted its quarterly 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 $2.39 earnings per share for the current fiscal year.
The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company.
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