Bank of New York Mellon (NYSE:BK) PT Raised to $49.00 at Royal Bank of Canada

Posted by Defense World Staff on Apr 20th, 2023

Bank of New York Mellon (NYSE:BK – Get Rating) had its target price raised by equities researchers at Royal Bank of Canada from $44.00 to $49.00 in a research report issued on Wednesday, The Fly reports. Royal Bank of Canada’s target price suggests a potential upside of 8.31% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Barclays dropped their price target on Bank of New York Mellon from $64.00 to $62.00 in a research note on Wednesday, April 12th. Evercore ISI dropped their price target on Bank of New York Mellon from $53.00 to $46.00 and set an “in-line” rating for the company in a research note on Wednesday, April 5th. Morgan Stanley dropped their price target on Bank of New York Mellon from $49.00 to $46.00 and set an “underweight” rating for the company in a research note on Monday, April 3rd. Bank of America began coverage on Bank of New York Mellon in a research note on Thursday, January 12th. They set a “buy” rating and a $56.00 price target for the company. Finally, StockNews.com began coverage on Bank of New York Mellon in a report on Thursday, March 16th. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.61.

Bank of New York Mellon Price Performance

NYSE:BK opened at $45.24 on Wednesday. The firm has a market capitalization of $36.18 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 1.22 and a beta of 1.07. Bank of New York Mellon has a 52-week low of $36.22 and a 52-week high of $52.26. The stock has a fifty day moving average of $47.28 and a 200 day moving average of $45.68. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.66 and a current ratio of 0.66.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $235,000. Louisiana State Employees Retirement System grew its holdings in shares of Bank of New York Mellon by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 47,800 shares of the bank’s stock worth $2,172,000 after acquiring an additional 300 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $58,000. Brookstone Capital Management grew its holdings in shares of Bank of New York Mellon by 0.8% during the 1st quarter. Brookstone Capital Management now owns 97,360 shares of the bank’s stock worth $4,306,000 after acquiring an additional 752 shares during the period. Finally, Cardinal Capital Management boosted its position in shares of Bank of New York Mellon by 0.5% in the 1st quarter. Cardinal Capital Management now owns 126,769 shares of the bank’s stock worth $5,760,000 after purchasing an additional 584 shares in the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Bank of New York Mellon Company Profile

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The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.