RBC Capital Sticks to Their Hold Rating for BNY Mellon

By Carrie Williams

RBC Capital analyst Matt Barasch reiterated a Hold rating on BNY Mellon (NYSE: BK) on November 13 and set a price target of $58. The company’s shares closed yesterday at $51.85.

According to TipRanks.com, Barasch is a 4-star analyst with an average return of 5.4% and a 72.0% success rate. Barasch covers the Financial sector, focusing on stocks such as American International Group, Colliers International Group, and FirstService Corporation.

Currently, the analyst consensus on BNY Mellon is Hold and the average price target is $56, representing an 8.0% upside.

In a report issued on October 30, KBW also reiterated a Hold rating on the stock with a $53 price target.

Based on BNY Mellon’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $4.31 billion and quarterly net profit of $1.01 billion. In comparison, last year the company earned revenue of $4.02 billion and had a net profit of $972 million.

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock.

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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 following segments: Investment Management, Investment Services, and Other. The Investment Management segment provides services on mutual funds and seed capital activities.