Morgan Stanley Issues Pessimistic Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Bank of New York Mellon (NYSE:BK - Free Report) had its target price lowered by Morgan Stanley from $99.00 to $98.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank's stock.

A number of other equities analysts have also recently issued reports on BK. Truist Financial upped their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. UBS Group increased their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Royal Bank of Canada reissued a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Deutsche Bank Aktiengesellschaft lifted their price objective 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. Finally, Wolfe Research downgraded shares of Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $89.86.

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Bank of New York Mellon Trading Down 8.4 %

Bank of New York Mellon stock traded down $6.74 during mid-day trading on Wednesday, hitting $73.17. The stock had a trading volume of 6,696,668 shares, compared to its average volume of 3,927,811. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $90.34. The stock has a 50-day simple moving average of $84.98 and a two-hundred day simple moving average of $79.95. 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 stock has a market capitalization of $52.53 billion, a PE ratio of 12.59, a P/E/G ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analysts' expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company's revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.28 earnings per share. As a group, sell-side analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.57%. Bank of New York Mellon's dividend payout ratio is currently 32.36%.

Institutional Investors Weigh In On Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in the business. Capital Analysts LLC grew its stake in shares of Bank of New York Mellon by 3.7% in the fourth quarter. Capital Analysts LLC now owns 3,317 shares of the bank's stock valued at $255,000 after buying an additional 119 shares in the last quarter. Cape Investment Advisory Inc. lifted its holdings in Bank of New York Mellon by 12.6% in the fourth quarter. Cape Investment Advisory Inc. now owns 1,172 shares of the bank's stock worth $90,000 after acquiring an additional 131 shares during the last quarter. Syon Capital LLC lifted its stake in Bank of New York Mellon by 2.5% in the fourth quarter. Syon Capital LLC now owns 5,432 shares of the bank's stock valued at $417,000 after buying an additional 132 shares during the last quarter. Oppenheimer & Co. Inc. lifted its position in Bank of New York Mellon by 0.4% in the 4th quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank's stock valued at $2,653,000 after purchasing an additional 133 shares during the last quarter. Finally, Grove Bank & Trust boosted its position in shares of Bank of New York Mellon by 21.0% during the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank's stock worth $60,000 after buying an additional 135 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.