Bank of New York Mellon (NYSE:BK) had its price target lifted by analysts at Morgan Stanley from $64.00 to $65.00 in a report issued on Friday. The firm presently has an “overweight” rating on the bank’s stock. Morgan Stanley’s target price indicates a potential upside of 15.39% from the stock’s previous close.
Several other equities research analysts have also commented on BK. Vining Sparks restated a “hold” rating and set a $60.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, January 24th. Barclays restated a “buy” rating on shares of Bank of New York Mellon in a research report on Sunday, January 21st. JPMorgan Chase & Co. lowered Bank of New York Mellon from a “neutral” rating to an “underweight” rating and set a $55.50 target price on the stock. in a research report on Friday, January 19th. Sandler O’Neill restated a “hold” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Friday, January 19th. Finally, Citigroup upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 target price on the stock in a research report on Wednesday, January 10th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $56.76.
Shares of Bank of New York Mellon (NYSE BK) traded down $1.17 during mid-day trading on Friday, hitting $56.33. The stock had a trading volume of 4,359,921 shares, compared to its average volume of 4,150,000. The firm has a market capitalization of $58,200.00, a PE ratio of 15.14, a price-to-earnings-growth ratio of 1.80 and a beta of 1.21. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82. Bank of New York Mellon has a 12 month low of $44.50 and a 12 month high of $58.99.
In other Bank of New York Mellon news, Director Edward P. Garden sold 650,000 shares of the stock in a transaction that occurred on Monday, November 20th. The stock was sold at an average price of $52.60, for a total value of $34,190,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward P. Garden sold 143,792 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $52.52, for a total value of $7,551,955.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 831,944 shares of company stock worth $43,807,887. Corporate insiders own 3.60% of the company’s stock.
Large investors have recently made changes to their positions in the business. Berkshire Hathaway Inc. raised its stake in shares of Bank of New York Mellon by 52.2% in the second quarter. Berkshire Hathaway Inc. now owns 50,229,588 shares of the bank’s stock worth $2,562,715,000 after purchasing an additional 17,217,529 shares during the last quarter. Capital International Investors raised its stake in shares of Bank of New York Mellon by 120.8% in the third quarter. Capital International Investors now owns 23,045,005 shares of the bank’s stock worth $1,221,846,000 after purchasing an additional 12,607,183 shares during the last quarter. First Eagle Investment Management LLC raised its stake in shares of Bank of New York Mellon by 1.4% in the third quarter. First Eagle Investment Management LLC now owns 19,753,288 shares of the bank’s stock worth $1,047,319,000 after purchasing an additional 271,858 shares during the last quarter. Longview Partners Guernsey LTD raised its stake in shares of Bank of New York Mellon by 5.2% in the third quarter. Longview Partners Guernsey LTD now owns 17,381,984 shares of the bank’s stock worth $921,593,000 after purchasing an additional 862,800 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Bank of New York Mellon by 1.4% in the third quarter. Dimensional Fund Advisors LP now owns 9,046,925 shares of the bank’s stock worth $479,668,000 after purchasing an additional 128,778 shares during the last quarter. Institutional investors and hedge funds own 83.75% of the company’s stock.
ILLEGAL ACTIVITY WARNING: This article was originally published by American Market News and is the property of of American Market News. If you are viewing this article on another publication, it was illegally stolen and republished in violation of U.S. and international trademark and copyright legislation. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/02/02/bank-of-new-york-mellon-bk-pt-raised-to-65-00.html.
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.
