Bank of New York Mellon Corp. (NYSE:BK)‘s stock had its “neutral” rating restated by Zacks in a note issued to investors on Tuesday, AnalystRatings.NET reports. They currently have a $35.00 price objective on the stock. Zacks‘ price target indicates a potential upside of 5.42% from the stock’s previous close.
Zacks‘ analyst wrote, “BNY Mellon’s third-quarter earnings marginally surpassed the Zacks Consensus Estimate. Results were mainly driven by a rise in revenues, partially offset by higher operating expenses. Additionally, consistent improvements in credit quality and asset position as well as strong capital ratios were the tailwinds. We expect the top line to benefit from various restructuring initiatives and acquisitions going forward. Moreover, a strong capital position and steady capital deployment activities will continue to enhance investors’ confidence. However, a still low interest rate environment and changing regulations are expected to undermine the company’s revenue growth. Also, we remain wary of the continuously rising operating expenses.”
BK has been the subject of a number of other recent research reports. Analysts at Guggenheim reiterated a “buy” rating on shares of Bank of New York Mellon Corp. in a research note to investors on Tuesday. They now have a $40.00 price target on the stock, up previously from $36.00. Separately, 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. Finally, 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $31.82.
Shares of Bank of New York Mellon Corp. (NYSE:BK) traded down 1.31% during mid-day trading on Tuesday, hitting $33.20. The stock had a trading volume of 4,386,216 shares. 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 $32.48 and its 200-day moving average is $30.84. The company has a market cap of $38.131 billion and a price-to-earnings ratio of 18.47.
Bank of New York Mellon Corp. (NYSE:BK) last posted its quarterly earnings results on Wednesday, October 16th. The company reported $0.60 earnings per share (EPS) for the quarter, beating the 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. Analysts expect that Bank of New York Mellon Corp. will post $2.28 EPS for the current fiscal year.
The Bank of New York Mellon Corporation (NYSE:BK) is a global financial services company.
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