Bank of New York Mellon (NYSE:BK) Given New $95.00 Price Target at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its target price boosted by Morgan Stanley from $94.00 to $95.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

A number of other analysts have also issued reports on the company. Citigroup boosted their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Wall Street Zen downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Royal Bank of Canada restated a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Evercore ISI upped their target price on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday, April 1st. Finally, Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.85.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $89.39 on Tuesday. The business’s 50 day simple moving average is $82.54 and its 200 day simple moving average is $82.39. Bank of New York Mellon has a 12 month low of $57.18 and a 12 month high of $90.63. The company has a market cap of $63.95 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 0.97 and a beta of 1.05. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.76 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The business’s revenue for the quarter was up 5.9% compared to the same quarter last year. Sell-side analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were paid a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.10%. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.62%.

Insiders Place Their Bets

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares of the company’s stock, valued at $1,680,122.50. The trade was a 20.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total value of $2,370,900.00. Following the sale, the executive vice president now directly owns 55,115 shares of the company’s stock, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,114 shares of company stock valued at $7,869,795 over the last three months. Insiders own 0.14% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of the company. Alpine Bank Wealth Management bought a new stake in shares of Bank of New York Mellon in the first quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon in the 1st quarter worth approximately $25,000. Parvin Asset Management LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $25,000. Bellwether Advisors LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $28,000. Finally, Orion Capital Management LLC bought a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $32,000. 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.