Bank of New York Mellon (NYSE:BK) Price Target Raised to $124.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price objective upped by Morgan Stanley from $118.00 to $124.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other equities analysts have also recently issued reports about the company. Truist Financial raised their target price on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a report on Friday, October 17th. TD Cowen upped their price target on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Evercore ISI lifted their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research note on Friday, October 17th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of New York Mellon in a research note on Monday. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $111.86.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $113.54 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $79.17 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.03 and a beta of 1.12. The firm’s 50 day moving average price is $110.05 and its 200-day moving average price is $103.19. Bank of New York Mellon has a twelve month low of $70.46 and a twelve month high of $119.40.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The business had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Equities research analysts expect that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were given a dividend of $0.53 per share. The ex-dividend date was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently bought and sold shares of the stock. Canada Post Corp Registered Pension Plan bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $1,035,000. Investment Management Corp of Ontario grew its position in Bank of New York Mellon by 25.9% in the second quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock worth $11,435,000 after acquiring an additional 25,842 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Bank of New York Mellon by 150.5% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,654 shares of the bank’s stock worth $7,804,000 after acquiring an additional 51,457 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Bank of New York Mellon by 127.7% during the second quarter. Public Employees Retirement System of Ohio now owns 620,715 shares of the bank’s stock valued at $56,553,000 after purchasing an additional 348,162 shares during the period. Finally, OMNI 360 Wealth Inc. purchased a new stake in Bank of New York Mellon during the second quarter valued at approximately $230,000. 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.