RBC Capital analyst Gerard Cassidy maintained a Hold rating on BNY Mellon (BK) on July 15 and set a price target of $43.00. The company’s shares closed last Friday at $36.12.
According to TipRanks.com, Cassidy is a top 100 analyst with an average return of 20.9% and a 71.7% success rate. Cassidy covers the Financial sector, focusing on stocks such as JPMorgan Chase & Co., Fifth Third Bancorp, and Goldman Sachs Group.
Currently, the analyst consensus on BNY Mellon is a Moderate Buy with an average price target of $44.40, implying a 20.5% upside from current levels. In a report issued on July 9, Deutsche Bank also maintained a Hold rating on the stock with a $40.00 price target.
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Based on BNY Mellon’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $3.93 billion and net profit of $950 million. In comparison, last year the company earned revenue of $3.81 billion and had a net profit of $1.02 billion.
Based on the recent corporate insider activity of 75 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BK in relation to earlier this year.
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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 Investment Services and Investment Management segments. The Investment Services segment includes institutional trust and custody fees, broker-dealer services, corporate trust, depositary receipts, and foreign exchange. The Investment Management segment provides services to institutional and retail investors, as well as investment management, wealth and estate planning. The company was founded by Alexander Hamilton on June 9, 1784 and is headquartered in New York, NY.
