Morgan Stanley Raises Bank of New York Mellon (NYSE:BK) Price Target to $78.00

Bank of New York Mellon (NYSE:BK) had its target price increased by Morgan Stanley from $72.00 to $78.00 in a report published on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the bank’s stock.

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods reiterated an outperform rating and issued a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. The Goldman Sachs Group lifted their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a buy rating in a report on Thursday, September 26th. Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a hold rating to a buy rating and increased their price target for the stock from $66.00 to $80.00 in a report on Monday, September 23rd. Evercore ISI lifted their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an in-line rating in a report on Monday, July 15th. Finally, Barclays boosted their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an overweight rating in a research report on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $69.38.

Bank of New York Mellon Stock Down 0.2 %

Bank of New York Mellon stock opened at $70.95 on Monday. The company has a market capitalization of $53.06 billion, a P/E ratio of 16.42, a PEG ratio of 1.24 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. Bank of New York Mellon has a fifty-two week low of $39.66 and a fifty-two week high of $73.19. The stock has a 50-day simple moving average of $67.20 and a 200-day simple moving average of $61.60.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $1.38 earnings per share. Equities research analysts expect that Bank of New York Mellon will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a yield of 2.65%. Bank of New York Mellon’s payout ratio is currently 43.52%.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Bank of New York Mellon by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock worth $231,000 after purchasing an additional 165 shares during the last quarter. Lake Street Advisors Group LLC grew its stake in Bank of New York Mellon by 3.8% in the 2nd quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock worth $281,000 after acquiring an additional 171 shares during the period. Greenleaf Trust raised its holdings in Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock valued at $1,633,000 after acquiring an additional 187 shares during the last quarter. 1858 Wealth Management LLC raised its holdings in Bank of New York Mellon by 4.0% in the 2nd quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after acquiring an additional 188 shares during the last quarter. Finally, Semmax Financial Advisors Inc. lifted its stake in shares of Bank of New York Mellon by 1.9% during the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after purchasing an additional 189 shares during the period. 85.31% 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.