Wells Fargo & Company Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK - Get Free Report) had its target price upped by equities research analysts at Wells Fargo & Company from $79.00 to $81.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "equal weight" rating on the bank's stock. Wells Fargo & Company's target price would indicate a potential upside of 3.46% from the company's previous close.

A number of other research firms have also recently issued reports on BK. JPMorgan Chase & Co. lifted their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Morgan Stanley upped their target price on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an "equal weight" rating in a research report on Monday, September 30th. Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "buy" rating in a research report on Monday. Citigroup increased their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, September 19th. Finally, StockNews.com lowered Bank of New York Mellon from a "buy" rating to a "hold" rating in a research report on Monday. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $77.23.

Bank of New York Mellon Stock Up 0.9 %

Shares of BK traded up $0.72 on Friday, hitting $78.29. The company's stock had a trading volume of 4,208,658 shares, compared to its average volume of 3,869,190. The firm has a market capitalization of $56.92 billion, a price-to-earnings ratio of 16.98, a P/E/G ratio of 0.89 and a beta of 1.07. Bank of New York Mellon has a fifty-two week low of $46.04 and a fifty-two week high of $80.29. The firm's fifty day moving average price is $73.75 and its 200-day moving average price is $65.74. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion during the quarter, compared to analysts' expectations of $4.52 billion. On average, equities research analysts expect that Bank of New York Mellon will post 5.82 EPS for the current year.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company's stock, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares of the company's stock, valued at $5,754,079.24. This represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.14% of the company's stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in the company. Continuum Advisory LLC lifted its position in shares of Bank of New York Mellon by 93.2% in the third quarter. Continuum Advisory LLC now owns 2,349 shares of the bank's stock worth $182,000 after buying an additional 1,133 shares in the last quarter. Drucker Wealth 3.0 LLC raised its position in Bank of New York Mellon by 3.8% during the third quarter. Drucker Wealth 3.0 LLC now owns 10,838 shares of the bank's stock valued at $779,000 after purchasing an additional 396 shares during the period. SGL Investment Advisors Inc. purchased a new stake in Bank of New York Mellon during the third quarter valued at approximately $777,000. Nomura Asset Management Co. Ltd. raised its position in Bank of New York Mellon by 3.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 227,644 shares of the bank's stock valued at $16,358,000 after purchasing an additional 7,840 shares during the period. Finally, Orion Portfolio Solutions LLC raised its position in Bank of New York Mellon by 2.3% during the third quarter. Orion Portfolio Solutions LLC now owns 39,868 shares of the bank's stock valued at $2,865,000 after purchasing an additional 879 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Company Profile

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.