Bank of New York Mellon (NYSE:BK) Price Target Lowered to $90.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price objective cut by Morgan Stanley from $94.00 to $90.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s price objective indicates a potential upside of 16.72% from the company’s previous close.

BK has been the subject of several other research reports. JPMorgan Chase & Co. boosted their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a report on Monday, October 14th. Barclays upped their price objective on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Citigroup lifted their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a report on Monday, November 11th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.77.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $0.30 during trading hours on Friday, hitting $77.11. 755,991 shares of the company’s stock traded hands, compared to its average volume of 2,062,738. Bank of New York Mellon has a 12-month low of $51.86 and a 12-month high of $82.72. The company has a fifty day simple moving average of $78.38 and a 200-day simple moving average of $70.75. The stock has a market capitalization of $56.06 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 0.91 and a beta of 1.07. 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 (NYSE:BK) last released its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Equities research analysts anticipate that Bank of New York Mellon will post 5.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Bank of New York Mellon news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. This trade represents a 9.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in the stock. Studio Investment Management LLC boosted its holdings in Bank of New York Mellon by 2.1% in the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after acquiring an additional 134 shares in the last quarter. Stanley Laman Group Ltd. increased its stake in Bank of New York Mellon by 2.2% during the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after purchasing an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC lifted its stake in shares of Bank of New York Mellon by 2.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after buying an additional 137 shares during the period. Frank Rimerman Advisors LLC grew its holdings in shares of Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after buying an additional 142 shares during the last quarter. Finally, Sigma Planning Corp raised its stake in Bank of New York Mellon by 2.7% in the 3rd quarter. Sigma Planning Corp now owns 5,470 shares of the bank’s stock worth $393,000 after acquiring an additional 143 shares during the last quarter. 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.