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 decreased by equities research analysts at Morgan Stanley from $99.00 to $98.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective indicates a potential upside of 16.80% from the company’s current price.

A number of other equities analysts have also recently issued reports on BK. Wells Fargo & Company upped their target price 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. Truist Financial lifted their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Citigroup raised their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Evercore ISI increased their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.07.

Bank of New York Mellon Price Performance

NYSE BK traded up $0.13 during trading on Wednesday, hitting $83.90. 687,956 shares of the company’s stock were exchanged, compared to its average volume of 3,888,952. The stock’s 50 day moving average price is $85.33 and its two-hundred day moving average price is $79.90. Bank of New York Mellon has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The company has a market cap of $60.24 billion, a PE ratio of 14.43, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. The business 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 net margin of 11.35% and a return on equity of 12.68%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.28 EPS. Research analysts expect that Bank of New York Mellon will post 6.96 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its position in shares of Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares in the last quarter. FMR LLC boosted its holdings in Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares in the last quarter. Norges Bank acquired a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $1,150,462,000. Ameriprise Financial Inc. increased its holdings in shares of Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock valued at $908,281,000 after acquiring an additional 35,413 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock worth $732,468,000 after purchasing an additional 1,526,686 shares in the last quarter. 85.31% of the stock is owned by 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.