Morgan Stanley Increases Bank of New York Mellon (NYSE:BK) Price Target to $78.00

Bank of New York Mellon (NYSE:BK) had its target price increased by stock analysts at Morgan Stanley from $72.00 to $78.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price suggests a potential upside of 9.68% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Citigroup raised their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their target price for the stock from $66.00 to $80.00 in a research note on Monday, September 23rd. The Goldman Sachs Group raised their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Finally, Evercore ISI raised their target price on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, July 15th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.38.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $71.12 on Monday. The firm’s 50-day moving average price is $67.06 and its 200-day moving average price is $61.53. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The company has a market cap of $53.18 billion, a PE ratio of 16.46, a PEG ratio of 1.24 and a beta of 1.08. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $73.19.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.38 earnings per share. As a group, analysts anticipate that Bank of New York Mellon will post 5.63 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Olistico Wealth LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $30,000. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Clearstead Trust LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Finally, Family Firm Inc. purchased a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $40,000. 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.