Bank of New York Mellon (NYSE:BK) Price Target Raised to $97.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price target lifted by Morgan Stanley from $90.00 to $97.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the bank’s stock.

A number of other research firms have also weighed in on BK. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, October 7th. UBS Group raised their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group upped their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Trading Up 0.3 %

Shares of BK opened at $82.28 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $82.72. The stock has a market cap of $59.83 billion, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The firm has a 50 day simple moving average of $78.65 and a 200-day simple moving average of $72.01.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Bank of New York Mellon’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 earnings per share. Equities analysts forecast that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors and hedge funds have recently modified their holdings of the stock. United Advisor Group LLC purchased a new position in shares of Bank of New York Mellon in the third quarter valued at $595,000. Czech National Bank boosted its position in Bank of New York Mellon by 4.9% in the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after buying an additional 7,316 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Bank of New York Mellon by 1.7% during the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock valued at $63,514,000 after acquiring an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp increased its position in shares of Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after acquiring an additional 33,558 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after acquiring an additional 421,161 shares in the last quarter. Hedge funds and other 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.