Bank Of New York Mellon (BK) Upgraded to “Overweight” by Morgan Stanley

Bank Of New York Mellon (NYSE:BK) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Friday, MarketBeat reports. The brokerage currently has a $60.00 price objective on the bank’s stock. Morgan Stanley’s price target points to a potential upside of 5.99% from the stock’s current price.

A number of other equities research analysts have also commented on BK. Zacks Investment Research lowered shares of Bank Of New York Mellon from a “hold” rating to a “sell” rating in a report on Thursday, September 21st. Citigroup restated a “neutral” rating and set a $56.00 price objective (up from $53.00) on shares of Bank Of New York Mellon in a report on Monday, October 9th. Credit Suisse Group restated a “hold” rating and set a $55.00 price objective on shares of Bank Of New York Mellon in a report on Tuesday, October 10th. Goldman Sachs Group restated a “buy” rating and set a $58.00 price objective (up from $52.85) on shares of Bank Of New York Mellon in a report on Friday, October 20th. Finally, Jefferies Group restated a “hold” rating on shares of Bank Of New York Mellon in a report on Friday, October 20th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $56.61.

Shares of Bank Of New York Mellon (NYSE BK) traded up $1.26 during midday trading on Friday, hitting $56.61. 8,958,400 shares of the stock were exchanged, compared to its average volume of 4,140,000. Bank Of New York Mellon has a 52 week low of $43.85 and a 52 week high of $58.99. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $58,490.00, a PE ratio of 15.22, a price-to-earnings-growth ratio of 1.74 and a beta of 1.22.

Bank Of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Thursday, January 18th. The bank reported $0.91 EPS for the quarter, hitting analysts’ consensus estimates of $0.91. Bank Of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The business had revenue of $3.73 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the business posted $0.77 earnings per share. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. analysts forecast that Bank Of New York Mellon will post 4.1 EPS for the current fiscal year.

In other news, Vice Chairman Brian T. Shea sold 22,228 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.26, for a total transaction of $1,139,407.28. Following the transaction, the insider now directly owns 181,815 shares in the company, valued at approximately $9,319,836.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Trian Fund Management, L.P. sold 5,798,725 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $52.42, for a total transaction of $303,969,164.50. The disclosure for this sale can be found here. Insiders sold a total of 6,677,177 shares of company stock worth $350,171,492 over the last quarter. Company insiders own 3.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Logan Capital Management Inc. increased its stake in shares of Bank Of New York Mellon by 1.6% during the 2nd quarter. Logan Capital Management Inc. now owns 4,656 shares of the bank’s stock worth $238,000 after purchasing an additional 74 shares during the last quarter. National Asset Management Inc. increased its stake in shares of Bank Of New York Mellon by 0.4% during the 2nd quarter. National Asset Management Inc. now owns 18,484 shares of the bank’s stock worth $944,000 after purchasing an additional 75 shares during the last quarter. Clear Perspective Advisors LLC increased its stake in shares of Bank Of New York Mellon by 1.5% during the 2nd quarter. Clear Perspective Advisors LLC now owns 11,675 shares of the bank’s stock worth $596,000 after purchasing an additional 175 shares during the last quarter. First Commonwealth Financial Corp PA increased its stake in shares of Bank Of New York Mellon by 4.1% during the 2nd quarter. First Commonwealth Financial Corp PA now owns 4,490 shares of the bank’s stock worth $229,000 after purchasing an additional 175 shares during the last quarter. Finally, RNC Capital Management LLC boosted its holdings in shares of Bank Of New York Mellon by 2.2% during the 2nd quarter. RNC Capital Management LLC now owns 10,140 shares of the bank’s stock worth $517,000 after buying an additional 221 shares during the period. Institutional investors own 82.93% of the company’s stock.

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About Bank Of New York Mellon

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

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

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