Morgan Stanley Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK) had its target price hoisted by stock analysts at Morgan Stanley from $90.00 to $97.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s target price would suggest a potential upside of 19.06% from the company’s current price.

A number of other equities analysts also recently commented on the company. Evercore ISI increased their price objective on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday. The Goldman Sachs Group boosted 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 report on Thursday, September 26th. Citigroup raised their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Stock Down 0.7 %

Shares of NYSE:BK traded down $0.57 during trading on Thursday, reaching $81.47. 2,068,587 shares of the company traded hands, compared to its average volume of 4,132,274. The firm has a fifty day simple moving average of $78.58 and a 200 day simple moving average of $71.94. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $82.72. The firm has a market cap of $59.24 billion, a P/E ratio of 17.71, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter last year, the firm earned $1.28 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Analysts anticipate that Bank of New York Mellon will post 5.87 earnings per share for the current fiscal year.

Institutional Trading of Bank of New York Mellon

Hedge funds have recently bought and sold shares of the stock. FMR LLC raised its position in shares of Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after buying an additional 8,512,404 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Bank of New York Mellon by 2,707.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares during the period. Marshall Wace LLP grew its holdings in shares of Bank of New York Mellon by 99.4% during the 2nd quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after purchasing an additional 1,311,969 shares in the last quarter. Zacks Investment Management acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter worth approximately $62,589,000. Finally, State Street Corp increased its position in shares of Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares during the period. 85.31% of the stock is owned by institutional investors.

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.