Bank of New York Mellon (NYSE:BK) PT Lowered to $53.00 at Morgan Stanley

Bank of New York Mellon (NYSE:BKGet Rating) had its target price lowered by stock analysts at Morgan Stanley from $55.00 to $53.00 in a research report issued to clients and investors on Thursday, Stock Target Advisor reports. The firm currently has an “equal weight” rating on the bank’s stock. Morgan Stanley’s target price suggests a potential upside of 16.10% from the stock’s previous close.

BK has been the subject of several other research reports. Barclays reduced their price objective on shares of Bank of New York Mellon from $74.00 to $68.00 and set an “overweight” rating for the company in a research note on Tuesday, April 19th. StockNews.com assumed coverage on shares of Bank of New York Mellon in a report on Thursday, March 31st. They set a “hold” rating on the stock. Wells Fargo & Company lowered their target price on shares of Bank of New York Mellon from $70.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 22nd. JPMorgan Chase & Co. lowered shares of Bank of New York Mellon from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $59.00 to $51.50 in a research report on Wednesday, April 27th. Finally, Credit Suisse Group reduced their price target on shares of Bank of New York Mellon from $66.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday, March 21st. Eleven research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $57.07.

Shares of BK opened at $45.65 on Thursday. Bank of New York Mellon has a twelve month low of $41.76 and a twelve month high of $64.63. The firm has a market capitalization of $36.88 billion, a P/E ratio of 11.30, a price-to-earnings-growth ratio of 1.76 and a beta of 1.14. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.69. The stock’s fifty day simple moving average is $46.20 and its 200 day simple moving average is $53.51.

Bank of New York Mellon (NYSE:BKGet Rating) last released its quarterly earnings results on Monday, April 18th. The bank reported $0.86 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.86. Bank of New York Mellon had a return on equity of 9.33% and a net margin of 22.31%. The company had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Sell-side analysts predict that Bank of New York Mellon will post 4.41 earnings per share for the current year.

Several large investors have recently modified their holdings of BK. Macquarie Group Ltd. lifted its holdings in shares of Bank of New York Mellon by 4.4% in the third quarter. Macquarie Group Ltd. now owns 80,663 shares of the bank’s stock worth $4,182,000 after buying an additional 3,379 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in Bank of New York Mellon by 21.5% during the third quarter. Rockefeller Capital Management L.P. now owns 27,922 shares of the bank’s stock valued at $1,446,000 after buying an additional 4,932 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its holdings in shares of Bank of New York Mellon by 2.5% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 23,993 shares of the bank’s stock valued at $1,244,000 after acquiring an additional 585 shares in the last quarter. Hi Line Capital Management LLC increased its holdings in Bank of New York Mellon by 3.1% in the 3rd quarter. Hi Line Capital Management LLC now owns 106,596 shares of the bank’s stock worth $5,526,000 after buying an additional 3,220 shares in the last quarter. Finally, HighTower Advisors LLC increased its holdings in Bank of New York Mellon by 4.2% in the 3rd quarter. HighTower Advisors LLC now owns 180,018 shares of the bank’s stock worth $9,329,000 after buying an additional 7,276 shares in the last quarter. 83.69% of the stock is currently owned by institutional investors.

Bank of New York Mellon Company Profile (Get Rating)

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, prime brokerage, and data analytics.

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