Bank of New York Mellon (NYSE:BK) Price Target Raised to $101.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK - Free Report) had its target price raised by Morgan Stanley from $95.00 to $101.00 in a report published on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the bank's stock.

BK has been the subject of several other reports. Truist Financial downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating and upped their price target for the stock from $87.00 to $97.00 in a research note on Wednesday, May 28th. Evercore ISI upped their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Finally, Citigroup boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $94.38.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK traded up $2.54 during midday trading on Wednesday, reaching $98.03. 3,996,046 shares of the company's stock traded hands, compared to its average volume of 4,141,102. The company has a market cap of $70.13 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.03 and a beta of 1.07. The stock has a 50 day moving average of $90.33 and a 200 day moving average of $84.93. Bank of New York Mellon has a one year low of $60.93 and a one year high of $98.16. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.57% and a net margin of 12.27%. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same period in the previous year, the company posted $1.51 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 7th. Investors of record on Friday, July 25th will be issued a $0.53 dividend. This is an increase from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's payout ratio is presently 30.62%.

Insider Buying and Selling at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president directly owned 55,115 shares in the company, valued at approximately $4,355,738.45. This trade represents a 35.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Parvin Asset Management LLC acquired a new stake in Bank of New York Mellon during the 4th quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new position in shares of Bank of New York Mellon during the first quarter worth $25,000. Alpine Bank Wealth Management acquired a new position in Bank of New York Mellon during the first quarter valued at $25,000. Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon in the fourth quarter valued at $28,000. Finally, REAP Financial Group LLC grew its position in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after purchasing an additional 218 shares during the period. 85.31% of the stock is currently 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.