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

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

A number of other equities research analysts have also recently commented on BK. Morgan Stanley lowered their target price on Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. Citigroup boosted their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 2nd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Finally, Truist Financial began coverage on Bank of New York Mellon in a research report on Tuesday, January 7th. They issued a “buy” rating and a $91.00 target price for the company. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $83.57.

Bank of New York Mellon Stock Up 7.9 %

Bank of New York Mellon stock opened at $81.95 on Thursday. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $82.72. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s 50-day simple moving average is $78.58 and its 200 day simple moving average is $71.94. The stock has a market cap of $59.58 billion, a PE ratio of 17.82, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced 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 the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.28 EPS. Research analysts predict that Bank of New York Mellon will post 5.84 EPS for the current fiscal year.

Institutional Inflows and Outflows

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