Morgan Stanley Raises Bank of New York Mellon (NYSE:BK) Price Target to $95.00

Bank of New York Mellon (NYSE:BK - Free Report) had its price objective increased by Morgan Stanley from $94.00 to $95.00 in a research note published on Tuesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the bank's stock.

Several other equities research analysts have also recently issued reports on the stock. Citigroup raised their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Evercore ISI increased their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research note on Tuesday, April 1st. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, March 3rd. Finally, Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their target price for the company from $87.00 to $97.00 in a research note on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $91.85.

Bank of New York Mellon Price Performance

BK stock traded down $0.85 on Tuesday, reaching $88.47. The company had a trading volume of 4,026,663 shares, compared to its average volume of 4,075,709. The company's fifty day moving average is $82.54 and its 200 day moving average is $82.39. The company has a market cap of $63.29 billion, a P/E ratio of 15.23, a PEG ratio of 0.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. Bank of New York Mellon has a 1 year low of $57.18 and a 1 year high of $90.63.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business's revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 earnings per share. On average, research analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were issued a dividend of $0.47 per share. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.13%. Bank of New York Mellon's payout ratio is 30.62%.

Insider Buying and Selling

In other news, insider Kurtis R. Kurimsky sold 5,641 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the transaction, the insider now directly owns 21,679 shares in the company, valued at approximately $1,680,122.50. This represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the sale, the vice president now directly owns 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 101,114 shares of company stock valued at $7,869,795. Company insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at approximately $25,000. Bellwether Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth approximately $28,000. Finally, REAP Financial Group LLC increased its stake 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 during the last quarter. 85.31% of the stock is owned by hedge funds and other 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.