(Reuters) -BNY beat third-quarter profit estimates on Friday, boosted by higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time.

The nation’s oldest bank has been aided by a surge in asset values around the world. The S&P 500 Index, for instance, has risen more than 20% since the start of the year alone.

Analysts at Equisights and Wells Fargo Securities both have BNY stock listed as a hold, according to S&P Capital IQ data. Despite the record quarter one Morningstar analyst marked BNY as an under performer, with a target price of $63.00.

BNY's profit jumped 16% in the third quarter on higher investment services fees as assets under its custody and administration exceeded the $50 trillion mark for the first time, the world's largest custodian bank said on Friday.