In a report released yesterday, Glenn Schorr from Evercore ISI maintained a Hold rating on BNY Mellon (BK – Research Report), with a price target of $50.00. The company’s shares closed last Tuesday at $46.52, close to its 52-week low of $44.99.
According to TipRanks.com, Schorr is a 4-star analyst with an average return of 5.9% and a 52.1% success rate. Schorr covers the Financial sector, focusing on stocks such as BrightSphere Investment Group, Apollo Global Management, and JPMorgan Chase & Co.
Currently, the analyst consensus on BNY Mellon is a Moderate Buy with an average price target of $56.83, a 22.7% upside from current levels. In a report issued on April 11, Citigroup also downgraded the stock to Hold with a $50.00 price target.
Based on BNY Mellon’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.85 billion and net profit of $773 million. In comparison, last year the company earned revenue of $3.85 billion and had a net profit of $927 million.
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The Bank of New York Mellon Corp. is a bank holding company, which provides a range of financial services. It was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It operates through two segments: Investment Services and Investment Management.
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