Jefferies reported on Monday that they have increased their estimates on financial services company, The Bank of New York Mellon Corporation(BK).

The firm, which currently has a “Hold” rating on BK, has raised the company’s price target to $29. This price target suggests a 6% increase from the stock’s current price of $27.20.

Analysts have increased the company’s price target based on higher equity returns.

The Bank of New York Mellon shares were mostly flat during premarket trading Monday. The stock has increased 22% in the past year.

strong>The Bottom Line
Shares of The Bank of New York Mellon Corporation (BK) have a 1.91% yield, based on Friday’s closing price of $27.20.

The Bank of New York Mellon Corporation(BK) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.