Morgan Stanley Has Lowered Expectations for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK) had its price target decreased by Morgan Stanley from $99.00 to $98.00 in a research report released on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the bank’s stock.

A number of other analysts have also commented on the stock. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Bank of America upped their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Truist Financial raised their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Finally, StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.07.

Bank of New York Mellon Trading Up 0.7 %

Shares of NYSE:BK opened at $84.33 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a market capitalization of $60.55 billion, a price-to-earnings ratio of 14.51, a PEG ratio of 0.97 and a beta of 1.03. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $90.34. The company has a 50 day moving average price of $85.33 and a 200 day moving average price of $79.94.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the firm posted $1.28 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis. On average, research analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s payout ratio is presently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of BK. D.A. Davidson & CO. increased its holdings in shares of Bank of New York Mellon by 3.3% during the 3rd quarter. D.A. Davidson & CO. now owns 7,299 shares of the bank’s stock valued at $525,000 after acquiring an additional 231 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in Bank of New York Mellon by 0.9% during the third quarter. Rockefeller Capital Management L.P. now owns 29,519 shares of the bank’s stock valued at $2,118,000 after purchasing an additional 250 shares during the last quarter. Benjamin Edwards Inc. raised its position in shares of Bank of New York Mellon by 583.0% in the third quarter. Benjamin Edwards Inc. now owns 10,306 shares of the bank’s stock valued at $741,000 after purchasing an additional 8,797 shares during the period. Ascent Group LLC lifted its stake in shares of Bank of New York Mellon by 81.3% in the third quarter. Ascent Group LLC now owns 12,666 shares of the bank’s stock worth $910,000 after buying an additional 5,680 shares during the last quarter. Finally, Cinctive Capital Management LP bought a new stake in shares of Bank of New York Mellon during the 3rd quarter worth $1,786,000. 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.