Bank of New York Mellon (NYSE:BK) Price Target Raised to $97.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price target increased by investment analysts at Morgan Stanley from $90.00 to $97.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective indicates a potential upside of 16.43% from the stock’s current price.

Several other equities research analysts have also commented on the company. Truist Financial upped their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday. Evercore ISI increased their price target 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. Citigroup lifted their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Finally, Barclays lifted their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.14.

Bank of New York Mellon Stock Up 1.3 %

Bank of New York Mellon stock opened at $83.31 on Thursday. The firm has a 50 day moving average price of $78.74 and a two-hundred day moving average price of $72.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $83.67. The firm has a market cap of $60.57 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 0.76 and a beta of 1.08.

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

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of BK. McClarren Financial Advisors Inc. increased its stake in Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after buying an additional 346 shares during the last quarter. Fortitude Family Office LLC increased its holdings in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares during the last quarter. Modus Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $49,000. Ashton Thomas Securities LLC bought a new stake in shares of Bank of New York Mellon during the third quarter valued at about $46,000. Finally, Grove Bank & Trust increased its holdings in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after acquiring an additional 144 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.