Morgan Stanley Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK) had its target price hoisted by Morgan Stanley from $95.00 to $101.00 in a research note published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other brokerages also recently weighed in on BK. Evercore ISI upped their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a report on Wednesday, July 2nd. Citigroup upped their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, March 24th. Finally, Truist Financial downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and upped their price target for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Seven 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, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $94.38.

Bank of New York Mellon Stock Performance

NYSE BK opened at $98.81 on Wednesday. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $70.69 billion, a P/E ratio of 15.09, a P/E/G ratio of 0.96 and a beta of 1.07. Bank of New York Mellon has a 12-month low of $60.93 and a 12-month high of $99.04. The firm has a 50-day moving average price of $90.84 and a two-hundred day moving average price of $85.22.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the firm posted $1.51 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.15%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date is Friday, July 25th. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Insider Transactions at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the completion of the transaction, the executive vice president directly owned 55,115 shares in the company, valued at $4,355,738.45. This represents a 35.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently added to or reduced their stakes in BK. TrueMark Investments LLC acquired a new position in Bank of New York Mellon in the 1st quarter valued at approximately $4,282,000. O Shaughnessy Asset Management LLC increased its position in Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock valued at $60,426,000 after acquiring an additional 82,671 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Bank of New York Mellon by 29.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after acquiring an additional 50,368 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Bank of New York Mellon by 121.8% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after acquiring an additional 100,810 shares during the period. Finally, Benson Investment Management Company Inc. acquired a new position in Bank of New York Mellon in the 1st quarter valued at approximately $5,259,000. 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.