Bank of New York Mellon (NYSE:BK) had its target price boosted by equities researchers at Deutsche Bank from $60.00 to $61.00 in a note issued to investors on Thursday. The brokerage presently has a “buy” rating on the bank’s stock. Deutsche Bank’s price objective indicates a potential upside of 17.49% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Vining Sparks restated a “buy” rating and set a $62.00 price target on shares of Bank of New York Mellon in a report on Monday, July 23rd. Zacks Investment Research cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. Keefe, Bruyette & Woods set a $56.00 target price on shares of Bank of New York Mellon and gave the company a “hold” rating in a research note on Thursday, July 19th. Sandler O’Neill reiterated a “hold” rating on shares of Bank of New York Mellon in a research note on Friday, July 13th. Finally, Raymond James cut shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 12th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $58.58.

BK stock opened at $51.92 on Thursday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.69 and a quick ratio of 0.69. Bank of New York Mellon has a 52-week low of $49.39 and a 52-week high of $58.99. The stock has a market cap of $52.31 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.63 and a beta of 1.04.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.01. Bank of New York Mellon had a net margin of 25.08% and a return on equity of 11.40%. The company had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. equities analysts anticipate that Bank of New York Mellon will post 4.18 EPS for the current fiscal year.

Bank of New York Mellon announced that its board has authorized a stock buyback plan on Thursday, June 28th that authorizes the company to repurchase $2.40 billion in shares. This repurchase authorization authorizes the bank to reacquire up to 4.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Rehmann Capital Advisory Group raised its position in Bank of New York Mellon by 85.1% in the second quarter. Rehmann Capital Advisory Group now owns 9,268 shares of the bank’s stock worth $500,000 after purchasing an additional 4,260 shares in the last quarter. Royal London Asset Management Ltd. acquired a new position in Bank of New York Mellon in the second quarter worth about $22,035,000. Mainstay Capital Management LLC ADV raised its position in Bank of New York Mellon by 3,978.6% in the second quarter. Mainstay Capital Management LLC ADV now owns 690,142 shares of the bank’s stock worth $12,936,000 after purchasing an additional 673,221 shares in the last quarter. Advisors Asset Management Inc. raised its position in Bank of New York Mellon by 9.1% in the second quarter. Advisors Asset Management Inc. now owns 23,342 shares of the bank’s stock worth $1,259,000 after purchasing an additional 1,940 shares in the last quarter. Finally, Rice Partnership LLC raised its position in Bank of New York Mellon by 12.2% in the second quarter. Rice Partnership LLC now owns 28,022 shares of the bank’s stock worth $1,511,000 after purchasing an additional 3,043 shares in the last quarter. Institutional investors and hedge funds own 83.36% of the company’s stock.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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