Bank of New York Mellon (NYSE:BK)‘s stock had its “buy” rating restated by equities researchers at Barclays in a note issued to investors on Sunday, January 21st.
A number of other research analysts also recently issued reports on the stock. Morgan Stanley upgraded shares of Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and set a $60.00 target price on the stock in a research report on Friday, January 19th. JPMorgan Chase & Co. downgraded shares of 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. Citigroup raised Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Wednesday, January 10th. Finally, Vining Sparks reaffirmed a “buy” rating and issued a $62.00 price target on shares of Bank of New York Mellon in a research note on Monday, January 8th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Bank of New York Mellon currently has a consensus rating of “Hold” and a consensus price target of $56.76.
Bank of New York Mellon (NYSE:BK) traded up $1.17 during trading on Friday, reaching $55.98. 4,066,756 shares of the company’s stock were exchanged, compared to its average volume of 4,949,914. 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 52 week low of $45.12 and a 52 week high of $58.99. The firm has a market cap of $55,344.07, a P/E ratio of 15.01, a PEG ratio of 1.74 and a beta of 1.21.
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 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 company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the company posted $0.77 EPS. The company’s revenue was down 1.6% compared to the same quarter last year. research analysts expect that Bank of New York Mellon will post 4.05 earnings per share for the current fiscal year.
In related news, 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 transaction of $7,551,955.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas P. Gibbons sold 38,152 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $54.15, for a total value of $2,065,930.80. Following the sale, the chief financial officer now directly owns 310,002 shares of the company’s stock, valued at $16,786,608.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 831,944 shares of company stock valued at $43,807,887. 3.60% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the business. Invictus RG acquired a new position in Bank of New York Mellon during the 3rd quarter worth approximately $102,000. Vestpro Financial Partners Inc. dba CPF Texas acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $120,000. Rowland & Co. Investment Counsel ADV acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $124,000. Advisory Services Network LLC boosted its holdings in shares of Bank of New York Mellon by 15.5% in the 2nd quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock valued at $138,000 after buying an additional 363 shares during the last quarter. Finally, Horan Capital Advisors LLC. acquired a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at approximately $139,000. 83.67% of the stock is owned by hedge funds and other institutional investors.
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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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