Bank of New York Mellon (NYSE:BK) Price Target Raised to $116.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price objective hoisted by analysts at Morgan Stanley from $101.00 to $116.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s target price points to a potential upside of 6.19% from the stock’s previous close.

A number of other research analysts also recently commented on the company. Wells Fargo & Company increased their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Evercore ISI upped their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research note on Wednesday, July 2nd. Truist Financial upped their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company a “hold” rating in a research note on Thursday, August 14th. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Finally, Citigroup upped their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $99.25.

Bank of New York Mellon Stock Down 0.3%

BK traded down $0.30 on Monday, reaching $109.24. The company’s stock had a trading volume of 778,786 shares, compared to its average volume of 4,030,360. The stock has a market cap of $77.04 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14. Bank of New York Mellon has a 1 year low of $70.41 and a 1 year high of $110.87. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50 day moving average is $103.79 and its 200 day moving average is $92.19.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.Bank of New York Mellon’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.51 earnings per share. As a group, research 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 other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of institutional investors and hedge funds have recently made changes to their positions in BK. Norges Bank bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $1,081,847,000. Nuveen LLC bought a new position in Bank of New York Mellon in the 1st quarter worth approximately $773,627,000. Qube Research & Technologies Ltd bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $135,728,000. GAMMA Investing LLC grew its holdings in Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock worth $117,414,000 after buying an additional 1,385,434 shares in the last quarter. Finally, AustralianSuper Pty Ltd bought a new position in Bank of New York Mellon during the 1st quarter valued at $92,502,000. 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.