Bank of New York Mellon (NYSE:BK) Earns “Sector Perform” Rating from Royal Bank of Canada

Bank of New York Mellon (NYSE:BK)‘s stock had its “sector perform” rating reaffirmed by investment analysts at Royal Bank of Canada in a research note issued to investors on Monday,Benzinga reports. They currently have a $90.00 target price on the bank’s stock. Royal Bank of Canada’s price target indicates a potential upside of 9.24% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Bank of America raised their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Truist Financial lifted their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Evercore ISI raised their price objective on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Finally, Citigroup raised their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

Bank of New York Mellon Price Performance

NYSE BK traded up $0.64 on Monday, hitting $82.39. 958,043 shares of the company were exchanged, compared to its average volume of 4,332,875. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $90.34. The firm has a 50 day moving average of $84.30 and a two-hundred day moving average of $78.55. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The company has a market cap of $59.15 billion, a P/E ratio of 14.19, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company earned $1.28 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. On average, equities analysts predict that Bank of New York Mellon will post 6.96 EPS for the current year.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently made changes to their positions in BK. Park Square Financial Group LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $158,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth about $61,945,000. REAP Financial Group LLC boosted its holdings in Bank of New York Mellon by 123.2% in the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after purchasing an additional 218 shares during the period. Yoffe Investment Management LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter valued at $784,000. Finally, Integrated Advisors Network LLC increased its holdings in shares of Bank of New York Mellon by 7.9% in the fourth quarter. Integrated Advisors Network LLC now owns 3,881 shares of the bank’s stock worth $298,000 after purchasing an additional 283 shares during the period. 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.