Bank of New York Mellon (NYSE:BK) Given New $145.00 Price Target at TD Cowen

Bank of New York Mellon (NYSE:BK) had its price objective lifted by equities researchers at TD Cowen from $133.00 to $145.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. TD Cowen’s price target would indicate a potential upside of 19.68% from the company’s current price.

BK has been the subject of a number of other reports. BMO Capital Markets assumed coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. Barclays lifted their price target on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday. Weiss Ratings restated a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Monday, December 29th. Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, October 17th. Finally, Morgan Stanley increased their target price on Bank of New York Mellon from $118.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, December 17th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $115.43.

Bank of New York Mellon Stock Down 0.1%

Shares of NYSE:BK traded down $0.16 during trading on Wednesday, hitting $121.15. The company’s stock had a trading volume of 926,493 shares, compared to its average volume of 3,414,296. Bank of New York Mellon has a fifty-two week low of $70.46 and a fifty-two week high of $122.36. The business has a 50 day moving average price of $112.93 and a two-hundred day moving average price of $106.00. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $84.49 billion, a PE ratio of 17.47, a P/E/G ratio of 0.99 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The firm had revenue of $5.07 billion during the quarter. As a group, research analysts expect that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Bank of New York Mellon by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock valued at $6,477,206,000 after buying an additional 517,081 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Bank of New York Mellon by 4.3% in the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after acquiring an additional 785,478 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Bank of New York Mellon by 0.9% during the second quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock worth $1,439,831,000 after acquiring an additional 139,544 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Bank of New York Mellon by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after acquiring an additional 2,034,781 shares during the period. Finally, Norges Bank purchased a new position in Bank of New York Mellon during the second quarter worth about $1,081,847,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

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.