Guggenheim reissued their buy rating on shares of Bank of New York Mellon Corp. (NYSE:BK) in a research report released on Tuesday morning, Analyst RN reports. Guggenheim currently has a $40.00 price objective on the stock, up from their previous price objective of $36.00.
“Until short-term interest rates are expected to rise soon or regulators loosen their grip on excess capital, we believe investors should begin to be more selectively focused on banks with the potential for earnings momentum and a relative discount in valuation.,” the firm’s analyst wrote.
BK has been the subject of a number of other recent research reports. Analysts at ISI Group initiated coverage on shares of Bank of New York Mellon Corp. in a research note to investors on Tuesday, October 8th. They set a neutral rating on the stock. Separately, analysts at Raymond James cut their price target on shares of Bank of New York Mellon Corp. from $35.00 to $34.00 in a research note to investors on Thursday, October 3rd. They now have an outperform rating on the stock. Finally, analysts at Sandler O’Neill raised their price target on shares of Bank of New York Mellon Corp. from $30.00 to $32.00 in a research note to investors on Wednesday, October 2nd. They now have a hold rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company. Bank of New York Mellon Corp. currently has a consensus rating of Hold and an average target price of $31.82.
Shares of Bank of New York Mellon Corp. (NYSE:BK) opened at 33.31 on Tuesday. Bank of New York Mellon Corp. has a 52-week low of $23.26 and a 52-week high of $34.26. The stock’s 50-day moving average is $32.54 and its 200-day moving average is $30.86. The company has a market cap of $38.257 billion and a P/E ratio of 18.23.
Bank of New York Mellon Corp. (NYSE:BK) last released its earnings data on Wednesday, October 16th. The company reported $0.60 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.58 by $0.02. The company had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, analysts predict that Bank of New York Mellon Corp. will post $2.28 earnings per share for the current fiscal year.
The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company.
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