Barclays Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its price target hoisted by equities research analysts at Barclays from $120.00 to $143.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Barclays‘s price objective would indicate a potential upside of 18.03% from the stock’s previous close.

A number of other research analysts have also weighed in on BK. BMO Capital Markets began coverage on Bank of New York Mellon in a report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective on the stock. Weiss Ratings reiterated a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Monday, December 29th. TD Cowen raised their price target on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $118.00 to $124.00 and gave the company an “overweight” rating in a research note on Wednesday, December 17th. Finally, Truist Financial upped their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a report on Friday, October 17th. Ten analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $113.50.

Bank of New York Mellon Trading Up 0.1%

NYSE:BK opened at $121.16 on Monday. The firm has a 50-day simple moving average of $112.93 and a 200-day simple moving average of $106.00. Bank of New York Mellon has a one year low of $70.46 and a one year high of $122.36. The firm has a market cap of $84.49 billion, a P/E ratio of 17.48, a P/E/G ratio of 0.99 and a beta of 1.11. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The company had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Equities analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. increased its stake in Bank of New York Mellon by 78.9% in the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares in the last quarter. Hoey Investments Inc. acquired a new stake in Bank of New York Mellon in the second quarter valued at $32,000. Valley Wealth Managers Inc. acquired a new stake in Bank of New York Mellon in the third quarter valued at $33,000. GFG Capital LLC purchased a new position in shares of Bank of New York Mellon in the second quarter valued at $36,000. Finally, Caldwell Trust Co acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth $36,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.