Bank of New York Mellon (NYSE:BK) Given a $41.00 Price Target at Morgan Stanley

Morgan Stanley set a $41.00 price objective on Bank of New York Mellon (NYSE:BK) in a research report sent to investors on Friday morning, TipRanks reports. The firm currently has a sell rating on the bank’s stock.

Several other equities research analysts also recently weighed in on BK. JPMorgan Chase & Co. decreased their target price on shares of Bank of New York Mellon from $50.00 to $49.00 and set an underweight rating for the company in a research note on Tuesday, July 9th. Buckingham Research decreased their target price on shares of Bank of New York Mellon from $53.00 to $50.00 and set a neutral rating for the company in a research note on Thursday, July 18th. UBS Group decreased their target price on shares of Bank of New York Mellon from $49.00 to $45.00 and set a neutral rating for the company in a research note on Wednesday, June 26th. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from an underperform rating to a market perform rating and increased their target price for the stock from $46.00 to $47.00 in a research note on Thursday, July 18th. Finally, ValuEngine downgraded shares of Bank of New York Mellon from a hold rating to a sell rating in a research note on Wednesday, May 15th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $49.64.

Shares of BK traded down $1.44 during mid-day trading on Friday, hitting $44.37. 4,081,099 shares of the company’s stock were exchanged, compared to its average volume of 5,410,130. Bank of New York Mellon has a fifty-two week low of $42.13 and a fifty-two week high of $54.27. The stock has a market cap of $42.96 billion, a price-to-earnings ratio of 10.54, a P/E/G ratio of 1.40 and a beta of 1.07. The company has a 50 day simple moving average of $44.89. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.68.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, analysts expect that Bank of New York Mellon will post 3.94 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Monday, July 29th were issued a dividend of $0.31 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend was Friday, July 26th. Bank of New York Mellon’s dividend payout ratio is currently 29.45%.

Bank of New York Mellon declared that its board has initiated a stock repurchase program on Thursday, June 27th that permits the company to buyback $3.94 billion in shares. This buyback authorization permits the bank to purchase up to 9.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

In other Bank of New York Mellon news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total value of $14,882,936.32. Following the completion of the transaction, the insider now directly owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman William M. Daley bought 11,350 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was bought at an average cost of $44.93 per share, with a total value of $509,955.50. Following the completion of the acquisition, the insider now owns 5,700 shares of the company’s stock, valued at approximately $256,101. The disclosure for this purchase can be found here. Corporate insiders own 1.71% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. Archford Capital Strategies LLC increased its stake in shares of Bank of New York Mellon by 4.1% during the 1st quarter. Archford Capital Strategies LLC now owns 5,654 shares of the bank’s stock worth $285,000 after purchasing an additional 221 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in shares of Bank of New York Mellon by 1.3% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 17,821 shares of the bank’s stock worth $786,000 after purchasing an additional 221 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Bank of New York Mellon by 5.5% during the 1st quarter. Parallel Advisors LLC now owns 4,298 shares of the bank’s stock worth $217,000 after purchasing an additional 225 shares in the last quarter. St. Johns Investment Management Company LLC increased its stake in shares of Bank of New York Mellon by 1.7% during the 2nd quarter. St. Johns Investment Management Company LLC now owns 13,564 shares of the bank’s stock worth $599,000 after purchasing an additional 227 shares in the last quarter. Finally, Arjuna Capital increased its stake in shares of Bank of New York Mellon by 0.9% during the 1st quarter. Arjuna Capital now owns 28,799 shares of the bank’s stock worth $1,452,000 after purchasing an additional 244 shares in the last quarter. 83.93% of the stock is owned by institutional investors.

Bank of New York Mellon Company Profile

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.

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

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