Morgan Stanley Cuts Bank of New York Mellon (NYSE:BK) Price Target to $98.00

Bank of New York Mellon (NYSE:BK) had its price objective cut by Morgan Stanley from $99.00 to $98.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other research analysts have also recently issued research reports about the company. Barclays boosted their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. UBS Group raised their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Bank of America boosted their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.86.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $73.17 on Wednesday. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $90.34. The firm’s 50-day moving average is $84.98 and its 200 day moving average is $79.95. The stock has a market cap of $52.53 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.97 and a beta of 1.03. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. Sell-side analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.57%. Bank of New York Mellon’s payout ratio is currently 32.36%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BK. Parvin Asset Management LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth about $25,000. Bellwether Advisors LLC bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $28,000. REAP Financial Group LLC lifted its holdings in shares of Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after buying an additional 218 shares in the last quarter. Transce3nd LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter worth $33,000. Finally, South Plains Financial Inc. purchased a new position in Bank of New York Mellon during the fourth quarter valued at $34,000. Institutional investors own 85.31% of the company’s stock.

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.