Bank of New York Mellon (NYSE:BK) PT Raised to $63.00

Bank of New York Mellon (NYSE:BK) had its price objective increased by research analysts at Morgan Stanley from $62.00 to $63.00 in a research report issued to clients and investors on Thursday. The brokerage presently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price would suggest a potential upside of 10.86% from the company’s current price.

BK has been the subject of a number of other reports. Evercore ISI boosted their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. UBS Group raised their price objective on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Bank of America raised their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Jefferies Financial Group boosted their target price on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.17.

Bank of New York Mellon Stock Performance

Shares of BK traded up $0.54 during midday trading on Thursday, reaching $56.83. The stock had a trading volume of 388,053 shares, compared to its average volume of 3,976,124. The firm has a 50 day simple moving average of $55.76 and a 200-day simple moving average of $51.37. The firm has a market cap of $42.79 billion, a PE ratio of 13.87, a P/E/G ratio of 1.21 and a beta of 1.12. The company has a current ratio of 0.71, a quick ratio of 0.72 and a debt-to-equity ratio of 0.90. Bank of New York Mellon has a one year low of $39.65 and a one year high of $58.28.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.13 earnings per share. As a group, sell-side analysts anticipate that Bank of New York Mellon will post 5.42 EPS for the current year.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares of the company’s stock, valued at $6,768,486.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Quent Capital LLC raised its stake in shares of Bank of New York Mellon by 3.8% during the fourth quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock valued at $262,000 after acquiring an additional 182 shares during the last quarter. Hartford Financial Management Inc. grew its holdings in Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock worth $33,000 after purchasing an additional 183 shares during the last quarter. Vivaldi Capital Management LP raised its stake in shares of Bank of New York Mellon by 3.3% in the fourth quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after purchasing an additional 192 shares during the last quarter. Certuity LLC raised its position in Bank of New York Mellon by 2.3% during the fourth quarter. Certuity LLC now owns 8,972 shares of the bank’s stock valued at $467,000 after acquiring an additional 205 shares in the last quarter. Finally, Choreo LLC raised its position in Bank of New York Mellon by 1.8% during the fourth quarter. Choreo LLC now owns 11,903 shares of the bank’s stock worth $620,000 after acquiring an additional 208 shares during the period. 85.31% of the stock is 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.