Bank of New York Mellon (NYSE:BK) PT Raised to $63.00

Bank of New York Mellon (NYSE:BK) had its price objective raised by Morgan Stanley from $62.00 to $63.00 in a research report issued on Thursday. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price objective would suggest a potential upside of 10.86% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Citigroup upped their price objective on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Bank of America increased their price objective on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. UBS Group boosted their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, January 9th. Evercore ISI increased their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.17.

Bank of New York Mellon Price Performance

NYSE BK traded up $0.54 on Thursday, reaching $56.83. The company had a trading volume of 520,010 shares, compared to its average volume of 3,979,054. The stock has a market capitalization of $42.79 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.21 and a beta of 1.12. The firm’s 50 day moving average price is $55.76 and its 200 day moving average price is $51.37. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a 12 month low of $39.65 and a 12 month high of $58.28.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.39 billion. During the same quarter in the previous year, the business earned $1.13 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts predict that Bank of New York Mellon will post 5.42 earnings per share for the current year.

Insider Activity

In related news, VP Catherine Keating sold 4,498 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the sale, the vice president now owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of institutional investors have recently made changes to their positions in the stock. Mezzasalma Advisors LLC lifted its stake in Bank of New York Mellon by 27.8% in the first quarter. Mezzasalma Advisors LLC now owns 5,073 shares of the bank’s stock worth $292,000 after acquiring an additional 1,102 shares during the last quarter. First Trust Direct Indexing L.P. grew its stake in shares of Bank of New York Mellon by 10.2% in the 1st quarter. First Trust Direct Indexing L.P. now owns 25,915 shares of the bank’s stock valued at $1,493,000 after purchasing an additional 2,405 shares during the last quarter. Norden Group LLC acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $870,000. MV Capital Management Inc. lifted its holdings in shares of Bank of New York Mellon by 15.1% during the first quarter. MV Capital Management Inc. now owns 1,818 shares of the bank’s stock worth $105,000 after purchasing an additional 238 shares during the period. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its stake in Bank of New York Mellon by 10.7% in the 1st quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 28,482 shares of the bank’s stock valued at $1,641,000 after buying an additional 2,745 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.