Bank Of New York Mellon Corporation (The) (NYSE:BK) – Research analysts at Jefferies Group raised their FY2017 earnings per share estimates for Bank Of New York Mellon in a report released on Tuesday. Jefferies Group analyst K. Usdin now anticipates that the bank will post earnings of $3.54 per share for the year, up from their prior forecast of $3.53. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Bank Of New York Mellon’s Q4 2017 earnings at $0.91 EPS, Q1 2018 earnings at $0.97 EPS, Q3 2018 earnings at $1.10 EPS and Q4 2018 earnings at $1.05 EPS.
A number of other analysts have also recently commented on BK. ValuEngine upgraded Bank Of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, December 5th. Royal Bank of Canada restated a “hold” rating and issued a $58.00 price objective on shares of Bank Of New York Mellon in a research report on Wednesday, November 15th. Zacks Investment Research upgraded Bank Of New York Mellon from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Wednesday, December 20th. Morgan Stanley boosted their price objective on Bank Of New York Mellon from $55.00 to $60.00 and gave the company an “equal weight” rating in a research report on Friday, October 20th. Finally, Goldman Sachs Group restated a “buy” rating and issued a $58.00 price objective (up from $52.85) on shares of Bank Of New York Mellon in a research report on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $56.59.
Bank Of New York Mellon (NYSE:BK) opened at $57.30 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.85. The firm has a market capitalization of $59,200.00, a P/E ratio of 16.85, a P/E/G ratio of 1.78 and a beta of 1.22. Bank Of New York Mellon has a 12-month low of $43.85 and a 12-month high of $57.39.
Bank Of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Bank Of New York Mellon had a return on equity of 10.51% and a net margin of 23.14%. Bank Of New York Mellon’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $0.90 earnings per share.
Large investors have recently modified their holdings of the company. Vantage Financial Partners Ltd. Inc. acquired a new position in Bank Of New York Mellon during the second quarter worth $1,139,000. Invictus RG acquired a new position in Bank Of New York Mellon during the third quarter worth $102,000. Horan Capital Advisors LLC. acquired a new position in Bank Of New York Mellon during the third quarter worth $139,000. Advisory Services Network LLC boosted its stake in Bank Of New York Mellon by 15.5% during the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after buying an additional 363 shares during the last quarter. Finally, Fiduciary Trust Co. acquired a new position in Bank Of New York Mellon during the second quarter worth $168,000. 82.92% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Vice Chairman Brian T. Shea sold 22,228 shares of Bank Of New York Mellon stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $51.26, for a total value of $1,139,407.28. Following the sale, the insider now directly owns 181,815 shares of the company’s stock, valued at $9,319,836.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 5,798,725 shares of Bank Of New York Mellon stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $52.42, for a total value of $303,969,164.50. The disclosure for this sale can be found here. Insiders sold 7,708,334 shares of company stock worth $404,956,863 over the last ninety days. Corporate insiders own 3.60% 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.
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