Morgan Stanley Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its target price upped by equities researchers at Morgan Stanley from $95.00 to $101.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective suggests a potential upside of 3.11% from the stock’s previous close.

A number of other analysts have also recently commented on BK. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research note on Wednesday, July 2nd. Truist Financial cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and boosted their target price for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Finally, Citigroup boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, March 24th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.38.

Bank of New York Mellon Price Performance

NYSE BK opened at $97.95 on Wednesday. The firm’s fifty day simple moving average is $90.58 and its two-hundred day simple moving average is $85.07. The company has a current ratio of 0.72, a quick ratio of 0.69 and a debt-to-equity ratio of 0.86. Bank of New York Mellon has a 12-month low of $60.93 and a 12-month high of $98.16. The firm has a market capitalization of $70.08 billion, a P/E ratio of 14.95, a P/E/G ratio of 1.01 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, topping the consensus estimate of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the firm posted $1.51 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated 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 owned 55,115 shares of the company’s stock, valued at $4,355,738.45. This trade represents a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of the company. TrueMark Investments LLC bought a new position in Bank of New York Mellon during the first quarter valued at approximately $4,282,000. O Shaughnessy Asset Management LLC boosted its stake in Bank of New York Mellon by 11.7% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock worth $60,426,000 after buying an additional 82,671 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Bank of New York Mellon by 29.1% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock worth $18,740,000 after buying an additional 50,368 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Bank of New York Mellon by 121.8% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after buying an additional 100,810 shares in the last quarter. Finally, Benson Investment Management Company Inc. bought a new position in shares of Bank of New York Mellon during the first quarter valued at $5,259,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

About Bank of New York Mellon

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.