Bank of New York Mellon (NYSE:BK) Price Target Cut to $48.00 by Analysts at Morgan Stanley

Bank of New York Mellon (NYSE:BK) had its price target decreased by investment analysts at Morgan Stanley from $49.00 to $48.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the bank’s stock. Morgan Stanley’s price objective would indicate a potential upside of 5.54% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $43.00 to $44.00 in a research report on Wednesday, July 19th. StockNews.com initiated coverage on Bank of New York Mellon in a research note on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Citigroup decreased their target price on Bank of New York Mellon from $58.00 to $55.00 in a research report on Wednesday, July 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $53.00.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $0.34 during midday trading on Friday, hitting $45.48. The company had a trading volume of 1,952,748 shares, compared to its average volume of 5,183,319. Bank of New York Mellon has a 1-year low of $36.22 and a 1-year high of $52.26. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.72 and a quick ratio of 0.72. The business’s 50 day simple moving average is $44.81 and its two-hundred day simple moving average is $44.25. The stock has a market cap of $35.42 billion, a PE ratio of 13.26, a P/E/G ratio of 1.18 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, July 18th. The bank reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.16. The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. Bank of New York Mellon had a return on equity of 11.88% and a net margin of 10.95%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.15 EPS. As a group, equities analysts predict that Bank of New York Mellon will post 4.85 EPS for the current fiscal year.

Insider Buying and Selling at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 14,045 shares of the business’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $45.64, for a total value of $641,013.80. Following the sale, the insider now directly owns 23,816 shares in the company, valued at $1,086,962.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP J Kevin Mccarthy sold 35,000 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $46.33, for a total transaction of $1,621,550.00. Following the completion of the sale, the executive vice president now owns 98,102 shares in the company, valued at approximately $4,545,065.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kurtis R. Kurimsky sold 14,045 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $45.64, for a total value of $641,013.80. Following the completion of the transaction, the insider now owns 23,816 shares of the company’s stock, valued at approximately $1,086,962.24. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors have recently bought and sold shares of the company. Signaturefd LLC increased its holdings in Bank of New York Mellon by 32.7% in the first quarter. Signaturefd LLC now owns 13,698 shares of the bank’s stock valued at $622,000 after buying an additional 3,374 shares during the last quarter. Personal CFO Solutions LLC lifted its position in shares of Bank of New York Mellon by 77.6% during the 1st quarter. Personal CFO Solutions LLC now owns 9,761 shares of the bank’s stock valued at $444,000 after acquiring an additional 4,266 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at approximately $235,000. Toronto Dominion Bank increased its stake in shares of Bank of New York Mellon by 24.8% during the 1st quarter. Toronto Dominion Bank now owns 521,792 shares of the bank’s stock worth $23,697,000 after purchasing an additional 103,846 shares in the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Bank of New York Mellon by 7.9% during the 4th quarter. Two Sigma Advisers LP now owns 2,152,800 shares of the bank’s stock worth $97,995,000 after purchasing an additional 158,000 shares in the last quarter. 81.29% of the stock is currently 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.