Bank of New York Mellon Analysts Increase Their Forecasts After Upbeat Earnings

The Bank Of New York Mellon Corporation BK posted better-than-expected third-quarter results on Friday.

The finance behemoth reported third-quarter adjusted earnings per share of $1.52 (+20% YoY), beating the street view of $1.42. Quarterly revenue of $4.648 billion, an increase of 5% year-over-year, surpassed the analyst consensus of $4.542 billion.

"BNY reported strong third quarter results, reflecting growth across our three business segments and consistent execution against our strategic priorities, with assets under custody and/or administration exceeding $50 trillion for the first time," commented Robin Vince, President and Chief Executive Officer.

BNY shares gained 2.2% to trade at $75.78 on Monday.

These analysts made changes to their price targets on Bank Of New York Mellon following earnings announcement.

• Evercore ISI Group analyst Glenn Schorr maintained Bank of New York Mellon with an In-Line rating and raised the price target from $66 to $77.
• Wells Fargo analyst Whit Mayo maintained the stock with an Equal-Weight rating and raised the price target from $69 to $79.
• Barclays analyst Jason Goldberg maintained Bank of New York Mellon with an Overweight and boosted the price target from $75 to $86.

Considering buying BK stock? Here’s what analysts think:

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