Bank of New York Mellon (NYSE:BK) Price Target Raised to $98.00 at Deutsche Bank Aktiengesellschaft

Bank of New York Mellon (NYSE:BK) had its target price lifted by analysts at Deutsche Bank Aktiengesellschaft from $94.00 to $98.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the bank’s stock. Deutsche Bank Aktiengesellschaft’s price target points to a potential upside of 19.59% from the stock’s previous close.

Several other brokerages have also issued reports on BK. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the company an “equal weight” rating in a research report on Thursday, January 2nd. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.57.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $81.95 on Thursday. The business’s 50-day moving average price is $78.58 and its 200-day moving average price is $71.94. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $82.72. 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 firm has a market capitalization of $59.58 billion, a price-to-earnings ratio of 17.82, a PEG ratio of 0.91 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. Equities research analysts forecast that Bank of New York Mellon will post 5.84 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently modified their holdings of BK. State Street Corp increased its stake in Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares in the last quarter. FMR LLC grew its holdings in shares of Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after buying an additional 8,512,404 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after acquiring an additional 421,161 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Bank of New York Mellon by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after acquiring an additional 97,286 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Bank of New York Mellon by 1.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,634,088 shares of the bank’s stock valued at $476,726,000 after acquiring an additional 117,974 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

About Bank of New York Mellon

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.