Morgan Stanley Cuts Bank of New York Mellon (NYSE:BK) Price Target to $98.00

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

A number of other brokerages also recently issued reports on BK. Wolfe Research downgraded shares of Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Citigroup increased their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the company a "buy" rating in a research report on Thursday, January 16th. StockNews.com lowered Bank of New York Mellon from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Finally, Bank of America increased their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $89.86.

Bank of New York Mellon Stock Up 0.8 %

Shares of Bank of New York Mellon stock traded up $0.61 on Wednesday, hitting $73.92. The company had a trading volume of 7,435,107 shares, compared to its average volume of 3,942,806. Bank of New York Mellon has a 1 year low of $52.64 and a 1 year high of $90.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The stock has a 50 day moving average of $84.98 and a 200-day moving average of $80.08. The stock has a market capitalization of $53.07 billion, a price-to-earnings ratio of 12.72, 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 released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the firm posted $1.28 EPS. Bank of New York Mellon's quarterly revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.54%. Bank of New York Mellon's dividend payout ratio is presently 32.36%.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in Bank of New York Mellon by 9,538.9% during the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after buying an additional 1,385,434 shares during the period. Agate Pass Investment Management LLC boosted its holdings in Bank of New York Mellon by 45.0% during the 1st quarter. Agate Pass Investment Management LLC now owns 21,240 shares of the bank's stock valued at $1,781,000 after acquiring an additional 6,590 shares during the period. Versant Capital Management Inc grew its position in Bank of New York Mellon by 109.2% during the 1st quarter. Versant Capital Management Inc now owns 6,368 shares of the bank's stock worth $534,000 after acquiring an additional 3,324 shares during the last quarter. Boston Common Asset Management LLC increased its stake in Bank of New York Mellon by 21.3% in the 1st quarter. Boston Common Asset Management LLC now owns 166,180 shares of the bank's stock worth $13,938,000 after purchasing an additional 29,133 shares during the period. Finally, Kera Capital Partners Inc. lifted its position in Bank of New York Mellon by 9.9% in the first quarter. Kera Capital Partners Inc. now owns 2,887 shares of the bank's stock valued at $242,000 after purchasing an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Company Profile

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.