Bank of New York Mellon (NYSE:BK) was downgraded by stock analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Monday, ValuEngine reports.
A number of other equities analysts have also issued reports on the company. Buckingham Research cut their target price 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, July 18th. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and upped their target price for the company from $46.00 to $47.00 in a research report on Thursday, July 18th. Deutsche Bank lowered their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Wolfe Research upgraded Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 2nd. Finally, UBS Group lowered their price target on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Bank of New York Mellon currently has an average rating of “Hold” and an average price target of $47.90.
Shares of BK traded up $0.33 during trading on Monday, reaching $45.67. The company’s stock had a trading volume of 6,941,720 shares, compared to its average volume of 5,065,735. The company has a fifty day moving average of $44.55 and a two-hundred day moving average of $45.46. Bank of New York Mellon has a twelve month low of $40.52 and a twelve month high of $54.27. The company has a market cap of $41.84 billion, a price-to-earnings ratio of 10.85, a P/E/G ratio of 1.36 and a beta of 1.12. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.76.
Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.08. Bank of New York Mellon had a return on equity of 10.57% and a net margin of 19.31%. The company had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the company posted $1.06 EPS. Bank of New York Mellon’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, equities analysts forecast that Bank of New York Mellon will post 3.97 EPS for the current fiscal year.
Bank of New York Mellon announced that its Board of Directors has authorized a share buyback plan on Thursday, June 27th that permits the company to repurchase $3.94 billion in shares. This repurchase authorization permits the bank to purchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
In related news, EVP Mitchell E. Harris sold 50,000 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $44.60, for a total transaction of $2,230,000.00. Following the completion of the transaction, the executive vice president now directly owns 142,266 shares in the company, valued at approximately $6,345,063.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Trustcore Financial Services LLC boosted its position in Bank of New York Mellon by 204.6% during the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock worth $29,000 after acquiring an additional 442 shares during the period. Atwater Malick LLC acquired a new position in Bank of New York Mellon during the 3rd quarter worth $31,000. Mirova acquired a new position in Bank of New York Mellon during the 2nd quarter worth $41,000. Stonebridge Capital Advisors LLC acquired a new position in Bank of New York Mellon during the 2nd quarter worth $43,000. Finally, Pflug Koory LLC boosted its position in Bank of New York Mellon by 69.3% during the 2nd quarter. Pflug Koory LLC now owns 1,185 shares of the bank’s stock worth $52,000 after acquiring an additional 485 shares during the period. Hedge funds and other institutional investors own 82.39% of the company’s stock.
Bank of New York Mellon Company Profile
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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