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

Bank of New York Mellon (NYSE:BK) had its price objective hoisted by Morgan Stanley from $90.00 to $97.00 in a report issued on Thursday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other research analysts have also recently commented on the stock. Evercore ISI upped their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday. Keefe, Bruyette & Woods lifted their target price on shares of 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. Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Barclays lifted their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $83.31 on Thursday. The firm’s 50-day moving average is $78.87 and its two-hundred day moving average is $72.24. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $83.67. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $60.57 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 earnings per share. Analysts predict that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.26%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 40.87%.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently bought and sold shares of the business. United Advisor Group LLC acquired a new position in shares of Bank of New York Mellon during the 3rd quarter worth about $595,000. Czech National Bank boosted its holdings in Bank of New York Mellon by 4.9% in the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after purchasing an additional 7,316 shares in the last quarter. Principal Financial Group Inc. increased its stake in Bank of New York Mellon by 1.7% in the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock valued at $63,514,000 after purchasing an additional 14,916 shares during the last quarter. Chase Investment Counsel Corp raised its holdings in Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after purchasing an additional 33,558 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after buying an additional 421,161 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

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.