Bank of New York Mellon (NYSE:BK) Given New $65.00 Price Target at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its target price boosted by analysts at Morgan Stanley from $63.00 to $65.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s price target points to a potential upside of 0.90% from the company’s previous close.

BK has been the subject of several other reports. Barclays upped their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research note on Monday. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Evercore ISI reissued an “in-line” rating and issued a $61.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $60.00 to $70.00 in a research note on Thursday, June 27th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Bank of New York Mellon Stock Down 0.4 %

BK opened at $64.42 on Monday. Bank of New York Mellon has a one year low of $39.66 and a one year high of $64.93. The company has a fifty day moving average price of $59.20 and a 200-day moving average price of $56.72. The firm has a market capitalization of $48.17 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 1.31 and a beta of 1.09. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.89%. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities research analysts expect that Bank of New York Mellon will post 5.49 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the sale, the vice president now owns 144,721 shares in the company, valued at $8,343,165.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the transaction, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now owns 24,346 shares in the company, valued at $1,410,363.78. The disclosure for this sale can be found here. Insiders have sold a total of 115,928 shares of company stock worth $6,475,216 over the last 90 days. 0.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BK. Olistico Wealth LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $30,000. Wetzel Investment Advisors Inc. raised its position in shares of Bank of New York Mellon by 82.1% during the 1st quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock valued at $28,000 after purchasing an additional 230 shares during the period. Atlantic Edge Private Wealth Management LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $28,000. Kathleen S. Wright Associates Inc. bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $32,000. Finally, Able Wealth Management LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $32,000. 85.31% of the stock is currently 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.