Bank of New York Mellon (BK) Sets New 52-Week Low at $48.12

Bank of New York Mellon Corp (NYSE:BK)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $48.12 and last traded at $49.35, with a volume of 417733 shares. The stock had previously closed at $49.35.

A number of brokerages recently commented on BK. Raymond James downgraded shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 12th. Zacks Investment Research downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Vining Sparks reissued a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a research note on Monday, July 23rd. ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, Sandler O’Neill reaffirmed a “hold” rating on shares of Bank of New York Mellon in a report on Friday, July 13th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $58.58.

The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.69 and a current ratio of 0.69. The firm has a market capitalization of $50.99 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, October 18th. The bank reported $1.06 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.02. Bank of New York Mellon had a net margin of 25.08% and a return on equity of 11.40%. The business had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4.15 billion. During the same period in the previous year, the company earned $0.94 earnings per share. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. Analysts predict that Bank of New York Mellon Corp will post 4.18 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Tuesday, October 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.34%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 31.11%.

Bank of New York Mellon announced that its Board of Directors has authorized a share repurchase plan on Thursday, June 28th that authorizes the company to buyback $2.40 billion in outstanding shares. This buyback authorization authorizes the bank to purchase up to 4.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in BK. LPL Financial LLC grew its holdings in shares of Bank of New York Mellon by 35.1% during the first quarter. LPL Financial LLC now owns 88,710 shares of the bank’s stock valued at $4,571,000 after buying an additional 23,040 shares during the last quarter. M Holdings Securities Inc. purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at $410,000. Royal Bank of Canada grew its holdings in shares of Bank of New York Mellon by 31.3% during the first quarter. Royal Bank of Canada now owns 1,424,238 shares of the bank’s stock valued at $73,390,000 after buying an additional 339,554 shares during the last quarter. Summit Trail Advisors LLC grew its holdings in shares of Bank of New York Mellon by 22.3% during the first quarter. Summit Trail Advisors LLC now owns 58,295 shares of the bank’s stock valued at $2,463,000 after buying an additional 10,628 shares during the last quarter. Finally, Suntrust Banks Inc. grew its holdings in shares of Bank of New York Mellon by 23.3% during the first quarter. Suntrust Banks Inc. now owns 89,960 shares of the bank’s stock valued at $4,634,000 after buying an additional 17,017 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Company Profile (NYSE:BK)

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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