Bank of New York Mellon (NYSE:BK – Get Free Report) was upgraded by equities researchers at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued on Tuesday, Marketbeat reports. The firm currently has a $62.00 price objective on the bank’s stock, up from their previous price objective of $52.00. Morgan Stanley’s price target indicates a potential upside of 11.79% from the company’s current price.
A number of other equities research analysts have also issued reports on BK. Evercore ISI reduced their target price on Bank of New York Mellon from $47.00 to $45.00 in a research note on Thursday, October 5th. StockNews.com started coverage on Bank of New York Mellon in a research note on Thursday, October 5th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. upgraded Bank of New York Mellon from a “neutral” rating to an “overweight” rating and set a $54.50 price target for the company in a report on Monday, December 18th. Bank of America dropped their price objective on Bank of New York Mellon from $55.00 to $53.00 in a report on Tuesday, October 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Bank of New York Mellon from $45.00 to $44.00 and set a “hold” rating for the company in a report on Wednesday, October 11th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $53.75.
Bank of New York Mellon Stock Down 1.0 %
Bank of New York Mellon (NYSE:BK – Get Free Report) last issued its quarterly earnings results on Friday, January 12th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.16. Bank of New York Mellon had a return on equity of 11.62% and a net margin of 10.01%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.30 billion. During the same quarter in the previous year, the firm posted $1.30 EPS. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, sell-side analysts expect that Bank of New York Mellon will post 5.16 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, VP Hanneke Smits sold 15,425 shares of the company’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $55.16, for a total transaction of $850,843.00. Following the completion of the transaction, the vice president now owns 119,656 shares of the company’s stock, valued at $6,600,224.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.10% of the company’s stock.
Hedge Funds Weigh In On Bank of New York Mellon
A number of large investors have recently modified their holdings of BK. Nemes Rush Group LLC acquired a new stake in Bank of New York Mellon in the second quarter worth $27,000. Brown Brothers Harriman & Co. grew its position in Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares in the last quarter. Hartford Financial Management Inc. grew its position in Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares in the last quarter. Glass Jacobson Investment Advisors llc bought a new position in Bank of New York Mellon in the second quarter valued at $35,000. Finally, Sunbelt Securities Inc. bought a new position in shares of Bank of New York Mellon in the 1st quarter valued at about $36,000. 81.29% of the stock is currently owned by institutional investors and hedge funds.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.
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