Bank Of New York Mellon Corporation (The) (NYSE:BK) Given New $60.00 Price Target at Morgan Stanley

Bank Of New York Mellon Corporation (The) (NYSE:BK) had its target price lifted by Morgan Stanley from $55.00 to $60.00 in a report released on Friday, October 20th. Morgan Stanley currently has an equal weight rating on the bank’s stock.

Several other research firms have also weighed in on BK. Royal Bank Of Canada restated a hold rating and set a $58.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Thursday, August 31st. Zacks Investment Research lowered Bank Of New York Mellon Corporation (The) from a buy rating to a hold rating in a research report on Wednesday, October 11th. UBS AG lowered Bank Of New York Mellon Corporation (The) from a buy rating to a neutral rating and set a $56.00 price target on the stock. in a research report on Friday, September 8th. Goldman Sachs Group, Inc. (The) restated a buy rating and set a $58.00 price target (up from $52.85) on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, October 20th. Finally, Jefferies Group LLC restated a hold rating and set a $56.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, September 15th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $55.28.

Shares of Bank Of New York Mellon Corporation (BK) traded up $0.15 during mid-day trading on Friday, hitting $51.22. The stock had a trading volume of 3,178,893 shares, compared to its average volume of 4,565,149. The company has a market cap of $52,583.53, a price-to-earnings ratio of 14.80, a P/E/G ratio of 1.93 and a beta of 1.22. Bank Of New York Mellon Corporation has a 12-month low of $43.65 and a 12-month high of $55.29. The company has a current ratio of 0.69, a quick ratio of 0.67 and a debt-to-equity ratio of 0.85.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. Bank Of New York Mellon Corporation (The) had a return on equity of 10.51% and a net margin of 23.14%. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. research analysts forecast that Bank Of New York Mellon Corporation will post 3.54 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Stockholders of record on Tuesday, October 31st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Monday, October 30th. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is currently 28.07%.

In related news, Vice Chairman Brian T. Shea sold 22,228 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $51.26, for a total transaction of $1,139,407.28. Following the completion of the sale, the insider now owns 181,815 shares in the company, valued at $9,319,836.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Gerald L. Hassell sold 1,788 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value of $94,835.52. Following the sale, the chairman now owns 872,606 shares of the company’s stock, valued at approximately $46,283,022.24. The disclosure for this sale can be found here. Insiders sold 6,922,428 shares of company stock valued at $363,584,637 in the last 90 days. Company insiders own 3.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of BK. Martingale Asset Management L P increased its position in Bank Of New York Mellon Corporation (The) by 558.6% during the first quarter. Martingale Asset Management L P now owns 173,494 shares of the bank’s stock valued at $8,195,000 after acquiring an additional 147,152 shares during the last quarter. Founders Capital Management purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter valued at $847,000. Raymond James Financial Services Advisors Inc. increased its position in Bank Of New York Mellon Corporation (The) by 20.9% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 54,852 shares of the bank’s stock valued at $2,591,000 after acquiring an additional 9,476 shares during the last quarter. Northstar Wealth Partners LLC purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter valued at $546,000. Finally, Envestnet Asset Management Inc. increased its position in Bank Of New York Mellon Corporation (The) by 6.1% during the first quarter. Envestnet Asset Management Inc. now owns 192,801 shares of the bank’s stock valued at $9,098,000 after acquiring an additional 11,003 shares during the last quarter. Institutional investors own 82.83% of the company’s stock.

Bank Of New York Mellon Corporation (The) Company Profile

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

Analyst Recommendations for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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