Bank of New York Mellon (NYSE:BK) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a research note issued on Wednesday, January 10th, MarketBeat reports. The brokerage presently has a $56.00 price objective on the bank’s stock. Citigroup’s price target indicates a potential downside of 2.61% from the company’s current price.
BK has been the topic of several other research reports. Royal Bank of Canada restated a “hold” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, November 15th. 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. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $55.00 to $60.00 and gave the company an “equal weight” rating in a report on Friday, October 20th. ValuEngine upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Tuesday, December 5th. Finally, Barclays increased their target price on shares of Bank of New York Mellon from $55.00 to $66.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $56.50.
Bank of New York Mellon (NYSE:BK) traded up $0.80 during trading on Wednesday, hitting $57.50. 3,232,280 shares of the company were exchanged, compared to its average volume of 4,170,000. The company has a quick ratio of 0.69, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. Bank of New York Mellon has a 52 week low of $44.50 and a 52 week high of $58.99. The firm has a market cap of $59,410.00, a P/E ratio of 15.46, a PEG ratio of 1.80 and a beta of 1.22.
Bank of New York Mellon (NYSE:BK) last released its earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share (EPS) for the quarter, meeting 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 company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the company earned $0.77 EPS. Bank of New York Mellon’s quarterly revenue was down 1.6% compared to the same quarter last year. analysts anticipate that Bank of New York Mellon will post 4.06 earnings per share for the current fiscal year.
In other news, Vice Chairman Brian T. Shea sold 22,228 shares of the stock in a transaction dated Friday, November 3rd. The shares were 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 legal filing with the SEC, which is available at this link. Also, Director Edward P. Garden sold 143,792 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $52.52, for a total transaction of $7,551,955.84. The disclosure for this sale can be found here. Insiders have sold 854,172 shares of company stock valued at $44,947,294 in the last quarter. Company insiders own 3.60% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Country Trust Bank raised its stake in Bank of New York Mellon by 4.1% in the third quarter. Country Trust Bank now owns 606,030 shares of the bank’s stock valued at $32,132,000 after purchasing an additional 23,683 shares in the last quarter. Toronto Dominion Bank raised its stake in Bank of New York Mellon by 24.7% in the second quarter. Toronto Dominion Bank now owns 364,150 shares of the bank’s stock valued at $18,577,000 after purchasing an additional 72,058 shares in the last quarter. Sei Investments Co. raised its stake in Bank of New York Mellon by 7.4% in the third quarter. Sei Investments Co. now owns 1,020,622 shares of the bank’s stock valued at $54,102,000 after purchasing an additional 70,619 shares in the last quarter. Rothschild Asset Management Inc. purchased a new stake in Bank of New York Mellon in the third quarter valued at approximately $612,000. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Bank of New York Mellon in the third quarter valued at approximately $748,000. 83.75% of the stock is currently owned by institutional investors and hedge funds.
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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.
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