Bank of New York Mellon (NYSE:BK) Price Target Raised to $47.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK – Get Rating) had its target price increased by Morgan Stanley from $44.00 to $47.00 in a report released on Tuesday morning, Benzinga reports. Morgan Stanley currently has an underweight rating on the bank’s stock.

Several other research firms have also recently issued reports on BK. Wolfe Research raised Bank of New York Mellon from a peer perform rating to an outperform rating and set a $60.00 price objective for the company in a research report on Wednesday, January 4th. StockNews.com assumed coverage on Bank of New York Mellon in a research report on Wednesday, October 12th. They issued a hold rating for the company. Bank of America assumed coverage on Bank of New York Mellon in a research report on Thursday, January 12th. They issued a buy rating and a $56.00 target price for the company. Citigroup upped their target price on Bank of New York Mellon from $50.00 to $55.00 in a research report on Friday, December 9th. Finally, The Goldman Sachs Group raised Bank of New York Mellon from a neutral rating to a buy rating and set a $59.00 price objective for the company in a research report on Wednesday, January 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $52.04.

Bank of New York Mellon Stock Up 1.3 %

Shares of BK stock opened at $49.68 on Tuesday. The stock has a market cap of $40.16 billion, a P/E ratio of 17.13, a P/E/G ratio of 1.32 and a beta of 1.08. Bank of New York Mellon has a twelve month low of $36.22 and a twelve month high of $64.63. The stock has a 50 day moving average of $45.41 and a 200 day moving average of $43.21. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly earnings data on Friday, January 13th. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.18. Bank of New York Mellon had a return on equity of 10.78% and a net margin of 12.87%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same quarter in the previous year, the company posted $1.04 earnings per share. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of New York Mellon will post 4.63 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 3rd. Investors of record on Monday, January 23rd will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Friday, January 20th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 51.03%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. increased its holdings in shares of Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after buying an additional 300 shares in the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Bank of New York Mellon during the third quarter valued at approximately $26,000. Hazlett Burt & Watson Inc. grew its stake in shares of Bank of New York Mellon by 132.2% during the third quarter. Hazlett Burt & Watson Inc. now owns 692 shares of the bank’s stock valued at $26,000 after purchasing an additional 394 shares during the last quarter. Rock Creek Group LP grew its stake in shares of Bank of New York Mellon by 273.8% during the second quarter. Rock Creek Group LP now owns 729 shares of the bank’s stock valued at $30,000 after purchasing an additional 534 shares during the last quarter. Finally, FinTrust Capital Advisors LLC bought a new stake in shares of Bank of New York Mellon during the third quarter valued at approximately $32,000. Institutional investors and hedge funds own 82.29% of the company’s stock.

About Bank of New York Mellon

(Get Rating)

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, prime brokerage, and data analytics.