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

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

A number of other research analysts also recently issued reports on BK. The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Barclays boosted their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Price Performance

BK opened at $82.28 on Thursday. The company has a market capitalization of $59.83 billion, a P/E ratio of 17.89, a PEG ratio of 0.76 and a beta of 1.08. The company has a 50-day moving average of $78.65 and a 200-day moving average of $72.01. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current 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.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the company earned $1.28 earnings per share. Bank of New York Mellon’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts expect that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Investment Advisory LLC lifted its position in Bank of New York Mellon by 1,956.0% in the fourth quarter. Harbor Investment Advisory LLC now owns 8,409 shares of the bank’s stock worth $646,000 after purchasing an additional 8,000 shares during the period. UMB Bank n.a. raised its stake in shares of Bank of New York Mellon by 2,123.7% in the 4th quarter. UMB Bank n.a. now owns 97,953 shares of the bank’s stock worth $7,526,000 after buying an additional 93,548 shares in the last quarter. M.E. Allison & CO. Inc. acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $371,000. Ellsworth Advisors LLC boosted its stake in Bank of New York Mellon by 26.3% during the fourth quarter. Ellsworth Advisors LLC now owns 6,039 shares of the bank’s stock valued at $464,000 after buying an additional 1,256 shares in the last quarter. Finally, Grove Bank & Trust boosted its position in shares of Bank of New York Mellon by 21.0% during the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock valued at $60,000 after purchasing an additional 135 shares in the last quarter. 85.31% of the stock is currently 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.