Wells Fargo & Company Ups Price Target for Bank of New York Mellon to $82.00

On January 4, 2025, Wells Fargo & Company announced an increase in the price target for Bank of New York Mellon (NYSE:BK) from $81.00 to $82.00. This adjustment was revealed in a research note issued to investors. Currently, Wells Fargo has assigned an "equal weight" rating to the bank’s stock. The new price target indicates a potential upside of 6.59% based on the stock's existing price.

In recent weeks, other analysts have also provided updates on the company’s stock. Deutsche Bank Aktiengesellschaft raised their price target for Bank of New York Mellon from $82.00 to $85.00, tagging the stock with a "buy" rating in a report published on November 11th. Similarly, UBS Group increased their price expectation from $73.00 to $82.00, maintaining a "buy" recommendation as of October 8th. Citigroup also upgraded its target from $75.00 to $82.00, issuing a "neutral" rating on November 25th. Royal Bank of Canada reaffirmed a "sector perform" rating, setting their objective at $79.00 in their October 14th report. Evercore ISI lifted their target from $66.00 to $77.00, labeling the stock as "in-line" on the same date.

Overall, five analysts have suggested holding the stock, while ten have given it a buy rating. According to MarketBeat data, Bank of New York Mellon has an average rating of "Moderate Buy" with a mean target price of $80.77.

Performance Overview of Bank of New York Mellon

As of Thursday, shares of NYSE: BK opened at $76.93. The stock's 50-day moving average is $78.38, while its 200-day moving average is $70.75. The company's current market capitalization stands at $55.93 billion, with a price-to-earnings ratio of 16.72, a price-to-earnings-growth ratio of 0.91, and a beta of 1.07. Bank of New York Mellon has recorded a 1-year low of $51.86 and a high of $82.72.

Bank of New York Mellon disclosed its latest quarterly earnings on October 11th, reporting earnings per share (EPS) of $1.52. This figure surpassed analysts’ expectations of $1.41 by $0.11, with revenue reported at $4.65 billion—above the forecasted $4.52 billion. For the fiscal year, analysts predict that Bank of New York Mellon will deliver an EPS of 5.84.

Recent Insider Transactions

In related news, J. Kevin McCarthy, an executive vice president at Bank of New York Mellon, sold 25,000 shares of the bank's stock on October 15th. These shares were sold at an average price of $76.31, totaling $1,907,750. Following this transaction, McCarthy retained 75,404 shares, valued at approximately $5,754,079. Additionally, VP Hanneke Smits sold 16,475 shares on the same day for an average price of $76.47, which amounted to $1,259,843.25. After this sale, Smits owns 157,455 shares, valued at roughly $12,040,583. The company's insiders hold approximately 0.14% of the overall stock.

Institutional Investor Activity

Recently, institutional investors have also made several changes to their holdings in Bank of New York Mellon. McClarren Financial Advisors Inc. increased its stake by 586.4% during the third quarter, now owning 405 shares valued at about $29,000. Clearstead Trust LLC entered a new position in the second quarter worth approximately $32,000. In another significant move, Fortitude Family Office LLC lifted its stake by 130.6% during the third quarter, owning 611 shares now valued at $44,000. Grove Bank & Trust escalated its stake by 28.8%, now possessing 644 shares valued at $46,000. Finally, Ashton Thomas Securities LLC also acquired a new position in the third quarter worth $46,000. Collectively, institutional investors and hedge funds own around 85.31% of the company’s shares.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides various financial products and services both domestically and internationally. It operates through several segments, including Securities Services, Market and Wealth Services, and Investment and Wealth Management. The Securities Services division offers a wide range of services such as custody, trust and depositary services, accounting, foreign exchange, and more.

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