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 target price raised by research analysts at Morgan Stanley from $118.00 to $124.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price target points to a potential upside of 8.37% from the stock’s current price.

Several other brokerages have also commented on BK. Citigroup upped their price target 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of New York Mellon in a report on Monday. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday, October 17th. TD Cowen raised their price target on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, Evercore ISI upped their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $111.86.

Bank of New York Mellon Stock Down 2.2%

BK stock opened at $114.42 on Wednesday. Bank of New York Mellon has a 52 week low of $70.46 and a 52 week high of $119.40. 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 firm has a 50-day simple moving average of $109.90 and a 200-day simple moving average of $103.12. The stock has a market capitalization of $79.79 billion, a P/E ratio of 16.51, a P/E/G ratio of 1.06 and a beta of 1.12.

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 return on equity of 14.03% and a net margin of 12.86%. Equities analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $1,081,847,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after purchasing an additional 6,119,749 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at about $135,728,000. Finally, Goldman Sachs Group Inc. grew its stake in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after buying an additional 1,052,145 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.