Bank of New York Mellon Corp (NYSE:BK) has earned an average recommendation of “Hold” from the thirteen research firms that are covering the firm, Marketbeat reports. Four research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $49.78.
A number of analysts have recently commented on BK shares. Royal Bank of Canada reissued a “neutral” rating and issued a $145.00 price target on shares of Travelers Companies in a research report on Thursday, April 18th. Deutsche Bank reissued a “buy” rating and issued a GBX 4,000 ($52.27) price target on shares of in a research report on Tuesday, June 18th. Buckingham Research dropped their price target on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $46.00 to $47.00 in a research report on Thursday. Finally, UBS Group set a $13.00 price target on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, June 26th.
Bank of New York Mellon stock traded up $0.61 during trading hours on Friday, hitting $44.73. 192,567 shares of the stock traded hands, compared to its average volume of 5,360,367. The business’s 50-day moving average price is $43.79. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $41.28 billion, a P/E ratio of 10.62, a PEG ratio of 1.33 and a beta of 1.04. Bank of New York Mellon has a one year low of $42.13 and a one year high of $55.69.
Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.07. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.92 billion. Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The business’s revenue was down 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.03 EPS. On average, equities research analysts predict that Bank of New York Mellon will post 3.94 earnings per share for the current year.
Bank of New York Mellon declared that its Board of Directors has authorized a share repurchase program on Thursday, June 27th that permits the company to repurchase $3.94 billion in shares. This repurchase authorization permits the bank to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Monday, July 29th will be issued a $0.31 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend is Friday, July 26th. Bank of New York Mellon’s payout ratio is presently 26.60%.
In other news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.43, for a total value of $1,235,750.00. Following the completion of the sale, the executive vice president now directly owns 93,418 shares in the company, valued at approximately $4,617,651.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total value of $31,158,748.77. The disclosure for this sale can be found here. 1.71% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of BK. C J Advisory Inc purchased a new stake in shares of Bank of New York Mellon in the 1st quarter worth $28,000. Sontag Advisory LLC bought a new position in Bank of New York Mellon in the 4th quarter worth $33,000. Valley National Advisers Inc. boosted its holdings in Bank of New York Mellon by 76.5% in the 4th quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after buying an additional 309 shares during the period. Financial Gravity Wealth Inc. bought a new position in Bank of New York Mellon in the 1st quarter worth $41,000. Finally, Prime Capital Investment Advisors LLC bought a new position in Bank of New York Mellon in the 1st quarter worth $42,000. Hedge funds and other institutional investors own 84.18% of the company’s stock.
About Bank of New York Mellon
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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