Bank Of New York Mellon (BK) Lowered to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Bank Of New York Mellon (NYSE:BK) from a neutral rating to an underweight rating in a research report sent to investors on Friday morning. They currently have $55.50 target price on the bank’s stock.

A number of other research firms have also commented on BK. Barclays upped their price objective on shares of Bank Of New York Mellon from $55.00 to $66.00 and gave the company an overweight rating in a research note on Tuesday, January 2nd. Zacks Investment Research lowered shares of Bank Of New York Mellon from a buy rating to a hold rating in a research note on Wednesday, October 11th. Goldman Sachs Group reaffirmed 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 note on Friday, October 20th. Morgan Stanley upped their price objective on shares of Bank Of New York Mellon from $55.00 to $60.00 and gave the company an equal weight rating in a research note on Friday, October 20th. Finally, Royal Bank of Canada reaffirmed a hold rating and issued a $58.00 price objective on shares of Bank Of New York Mellon in a research note on Wednesday, November 15th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company’s stock. Bank Of New York Mellon has an average rating of Hold and an average price target of $56.61.

Bank Of New York Mellon (NYSE:BK) traded up $1.26 on Friday, reaching $56.61. 8,958,400 shares of the company’s 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 quick ratio of 0.69, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. The company has a market cap of $58,490.00, a price-to-earnings 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 posted its earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.91. Bank Of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the firm posted $0.77 EPS. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. research analysts expect that Bank Of New York Mellon will post 4.1 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Tuesday, January 30th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, January 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.70%. Bank Of New York Mellon’s payout ratio is presently 25.81%.

In related news, Director Trian Fund Management, L.P. sold 5,798,725 shares of the business’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total transaction of $303,969,164.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Thomas P. Gibbons sold 38,152 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the transaction, the chief financial officer now owns 310,002 shares in the company, valued at approximately $16,786,608.30. The disclosure for this sale can be found here. Insiders have sold a total of 6,677,177 shares of company stock worth $350,171,492 in the last quarter. 3.60% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in BK. Berkshire Hathaway Inc. lifted its position in shares of Bank Of New York Mellon by 52.2% during the 2nd quarter. Berkshire Hathaway Inc. now owns 50,229,588 shares of the bank’s stock valued at $2,562,715,000 after acquiring an additional 17,217,529 shares during the period. Capital International Investors raised its holdings in Bank Of New York Mellon by 120.8% during the third quarter. Capital International Investors now owns 23,045,005 shares of the bank’s stock worth $1,221,846,000 after buying an additional 12,607,183 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Bank Of New York Mellon by 1,303.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,624,187 shares of the bank’s stock worth $133,886,000 after buying an additional 2,437,230 shares during the last quarter. American Century Companies Inc. raised its holdings in Bank Of New York Mellon by 39.2% during the third quarter. American Century Companies Inc. now owns 6,008,434 shares of the bank’s stock worth $318,567,000 after buying an additional 1,691,889 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Bank Of New York Mellon by 1.6% during the second quarter. Vanguard Group Inc. now owns 67,420,467 shares of the bank’s stock worth $3,439,792,000 after buying an additional 1,071,088 shares during the last quarter. Institutional investors own 82.93% of the company’s stock.

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Bank Of New York Mellon Company Profile

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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