Bank of New York Mellon (NYSE:BK) Given New $90.00 Price Target at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its target price cut by stock analysts at Morgan Stanley from $94.00 to $90.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective would indicate a potential upside of 16.72% from the company’s previous close.

BK has been the subject of a number of other research reports. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the stock an “equal weight” rating in a report on Thursday. UBS Group lifted their price objective on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $80.77.

Bank of New York Mellon Stock Performance

BK traded down $0.30 on Friday, reaching $77.11. The stock had a trading volume of 755,991 shares, compared to its average volume of 2,062,738. The company has a market cap of $56.06 billion, a P/E ratio of 16.76, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. The business’s 50-day moving average price is $78.38 and its two-hundred day moving average price is $70.75. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 12-month low of $51.86 and a 12-month high of $82.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Sell-side analysts forecast that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now directly owns 75,404 shares in the company, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors have recently made changes to their positions in the business. Farther Finance Advisors LLC raised its position in shares of Bank of New York Mellon by 19.6% during the 2nd quarter. Farther Finance Advisors LLC now owns 3,974 shares of the bank’s stock valued at $239,000 after acquiring an additional 650 shares in the last quarter. Founders Financial Securities LLC grew its holdings in shares of Bank of New York Mellon by 11.8% during the second quarter. Founders Financial Securities LLC now owns 7,862 shares of the bank’s stock valued at $471,000 after purchasing an additional 830 shares during the last quarter. Simon Quick Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 6.0% in the 2nd quarter. Simon Quick Advisors LLC now owns 4,683 shares of the bank’s stock worth $280,000 after purchasing an additional 265 shares during the last quarter. Foundations Investment Advisors LLC increased its position in Bank of New York Mellon by 3.1% in the second quarter. Foundations Investment Advisors LLC now owns 8,393 shares of the bank’s stock worth $503,000 after buying an additional 251 shares during the period. Finally, Larson Financial Group LLC lifted its stake in Bank of New York Mellon by 16.6% in the second quarter. Larson Financial Group LLC now owns 1,935 shares of the bank’s stock valued at $116,000 after buying an additional 276 shares during the last quarter. 85.31% of the stock is 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.