Bank of New York Mellon (NYSE:BK) Shares Gap Down to $46.75

Bank of New York Mellon Corp (NYSE:BK) shares gapped down prior to trading on Tuesday . The stock had previously closed at $48.07, but opened at $46.75. Bank of New York Mellon shares last traded at $46.35, with a volume of 4,690,319 shares traded.

Several analysts have recently weighed in on the company. Deutsche Bank decreased their target price on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Morgan Stanley raised their price target on Bank of New York Mellon from $41.00 to $42.00 and gave the company an “underweight” rating in a research note on Tuesday. Buckingham Research cut 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 note on Thursday, July 18th. JPMorgan Chase & Co. cut their price target on Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and raised their price target for the company from $46.00 to $47.00 in a research note on Thursday, July 18th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Bank of New York Mellon has a consensus rating of “Hold” and an average target price of $49.10.

The firm has a market cap of $44.07 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 1.44 and a beta of 1.11. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.79. The stock has a 50 day moving average price of $43.90 and a two-hundred day moving average price of $46.61.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. As a group, equities analysts anticipate that Bank of New York Mellon Corp will post 3.94 earnings per share for the current year.

Bank of New York Mellon announced that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 9.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

In other Bank of New York Mellon news, Vice Chairman William M. Daley purchased 11,350 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were acquired at an average price of $44.93 per share, for a total transaction of $509,955.50. Following the completion of the purchase, the insider now owns 5,700 shares of the company’s stock, valued at $256,101. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total value of $14,882,936.32. Following the sale, the insider now owns 539,052 shares in the company, valued at approximately $25,184,509.44. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Boston Partners acquired a new stake in shares of Bank of New York Mellon during the second quarter worth about $122,000. Kanawha Capital Management LLC lifted its holdings in Bank of New York Mellon by 3.2% in the second quarter. Kanawha Capital Management LLC now owns 49,480 shares of the bank’s stock valued at $2,185,000 after acquiring an additional 1,548 shares during the period. Griffin Asset Management Inc. acquired a new position in Bank of New York Mellon in the second quarter valued at approximately $85,000. Phocas Financial Corp. acquired a new position in Bank of New York Mellon in the second quarter valued at approximately $53,000. Finally, First Manhattan Co. lifted its holdings in Bank of New York Mellon by 1.1% in the second quarter. First Manhattan Co. now owns 140,467 shares of the bank’s stock valued at $6,201,000 after acquiring an additional 1,559 shares during the period. 82.39% of the stock is 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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