Bank of New York Mellon (NYSE:BK) Price Target Lowered to $90.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price target lowered by Morgan Stanley from $94.00 to $90.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the bank’s stock.

A number of other research analysts also recently weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. UBS Group raised their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $80.77.

Bank of New York Mellon Trading Down 0.6 %

NYSE BK opened at $76.93 on Friday. The company has a market capitalization of $55.93 billion, a PE ratio of 16.72, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. Bank of New York Mellon has a 1-year low of $51.86 and a 1-year high of $82.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm’s fifty day simple moving average is $78.38 and its 200-day simple moving average is $70.75.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. As a group, sell-side analysts anticipate that Bank of New York Mellon will post 5.84 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.44%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

Insider Activity

In other news, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 24.90 % decrease in their position. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. State Street Corp grew its holdings in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. FMR LLC grew its stake in 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 worth $1,389,680,000 after buying an additional 8,512,404 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after buying an additional 421,161 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Bank of New York Mellon by 2.2% in the second quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock valued at $490,640,000 after acquiring an additional 179,503 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Bank of New York Mellon by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after acquiring an additional 97,286 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.