Bank of New York Mellon (NYSE:BK) PT Raised to $42.00 at Morgan Stanley

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Bank of New York Mellon (NYSE:BK) had its target price raised by research analysts at Morgan Stanley from $40.00 to $42.00 in a research report issued on Monday, BenzingaRatingsTable reports. The brokerage currently has an “underweight” rating on the bank’s stock. Morgan Stanley’s target price would suggest a potential upside of 9.57% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating and set a $37.00 price target on the stock. in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $49.00 price target on the stock in a research note on Wednesday, April 1st. Deutsche Bank decreased their price target on shares of Bank of New York Mellon from $38.00 to $35.00 and set a “hold” rating on the stock in a research note on Friday, May 15th. JPMorgan Chase & Co. raised shares of Bank of New York Mellon from an “underweight” rating to a “neutral” rating in a research note on Sunday, April 19th. Finally, Evercore ISI raised shares of Bank of New York Mellon from an “underperform” rating to an “in-line” rating in a research note on Sunday, April 19th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $43.10.

Shares of BK opened at $38.33 on Monday. The firm’s 50 day simple moving average is $35.54 and its 200 day simple moving average is $42.02. The company has a market capitalization of $32.91 billion, a P/E ratio of 8.24, a P/E/G ratio of 1.33 and a beta of 1.10. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon has a 1-year low of $26.40 and a 1-year high of $51.60.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Thursday, April 16th. The bank reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $3.87 billion. Bank of New York Mellon had a net margin of 21.60% and a return on equity of 10.59%. Bank of New York Mellon’s quarterly revenue was down 14.8% on a year-over-year basis. During the same period last year, the firm posted $0.94 earnings per share. On average, equities analysts anticipate that Bank of New York Mellon will post 3.5 earnings per share for the current year.

In other news, major shareholder Berkshire Hathaway Inc sold 197,379 shares of the business’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $35.31, for a total transaction of $6,969,452.49. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 10,000 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $35.12, for a total transaction of $351,200.00. Following the sale, the executive vice president now owns 119,870 shares in the company, valued at approximately $4,209,834.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 245,292 shares of company stock worth $8,743,527. 0.12% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Bank of New York Mellon by 6.7% in the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 236,780 shares of the bank’s stock worth $11,917,000 after purchasing an additional 14,800 shares during the last quarter. Banco Santander S.A. purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $17,948,000. Bank of America Corp DE raised its position in shares of Bank of New York Mellon by 8.9% in the 4th quarter. Bank of America Corp DE now owns 4,560,688 shares of the bank’s stock worth $229,540,000 after purchasing an additional 372,969 shares during the last quarter. Cpwm LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $211,000. Finally, Financial Engines Advisors L.L.C. raised its position in shares of Bank of New York Mellon by 14.3% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 237,959 shares of the bank’s stock worth $11,976,000 after purchasing an additional 29,822 shares during the last quarter. Hedge funds and other institutional investors own 81.67% of the company’s stock.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

Further Reading: Beta

Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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