Morgan Stanley Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its price target increased by research analysts at Morgan Stanley from $90.00 to $97.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s target price suggests a potential upside of 19.06% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. Barclays lifted their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday. The Goldman Sachs Group boosted their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Citigroup boosted 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 note on Monday, November 25th. Finally, JPMorgan Chase & Co. raised their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Price Performance

NYSE BK traded down $0.57 during trading on Thursday, reaching $81.47. 2,068,587 shares of the company traded hands, compared to its average volume of 4,132,274. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $82.72. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The stock’s 50 day moving average price is $78.58 and its two-hundred day moving average price is $71.94. The company has a market cap of $59.24 billion, a price-to-earnings ratio of 17.71, a P/E/G ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating 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 12.06% and a net margin of 9.44%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.28 earnings per share. As a group, analysts anticipate that Bank of New York Mellon will post 5.87 EPS for the current year.

Institutional Trading of Bank of New York Mellon

A number of institutional investors have recently bought and sold shares of the business. McClarren Financial Advisors Inc. boosted its position in shares of Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after purchasing an additional 346 shares during the last quarter. Fortitude Family Office LLC lifted its stake in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares during the period. Modus Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter worth about $49,000. Ashton Thomas Securities LLC acquired a new position in shares of Bank of New York Mellon during the 3rd quarter worth about $46,000. Finally, Grove Bank & Trust increased its stake in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the last quarter. Institutional investors and hedge funds 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.