Bank of America Corporation set a $52.00 price target on Bank Of New York Mellon Corporation (The) (NYSE:BK) in a research report released on Friday, July 21st. The firm currently has a sell rating on the bank’s stock.
Other equities analysts have also recently issued research reports about the stock. Rafferty Capital Markets reiterated a buy rating and set a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th. Deutsche Bank AG reduced their price target on shares of Bank Of New York Mellon Corporation (The) from $55.00 to $54.00 and set a buy rating on the stock in a research report on Thursday, April 6th. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a hold rating to a buy rating in a research report on Tuesday, July 4th. Jefferies Group LLC reiterated a hold rating and set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Wednesday, May 17th. Finally, Keefe, Bruyette & Woods set a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) and gave the company a hold rating in a research report on Tuesday, April 4th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $53.00.
Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.70% during mid-day trading on Friday, hitting $53.03. The company’s stock had a trading volume of 3,620,892 shares. The company has a 50-day moving average of $51.46 and a 200 day moving average of $48.04. Bank Of New York Mellon Corporation has a 1-year low of $38.53 and a 1-year high of $54.59. The company has a market cap of $54.79 billion, a price-to-earnings ratio of 15.73 and a beta of 1.14.
Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter in the previous year, the company earned $0.76 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. On average, analysts expect that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, July 28th. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.81%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is 28.40%.
Bank Of New York Mellon Corporation (The) announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $3.10 billion in shares. This repurchase authorization permits the bank to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in the company. Baker Ellis Asset Management LLC boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 3.5% in the second quarter. Baker Ellis Asset Management LLC now owns 52,448 shares of the bank’s stock worth $2,676,000 after buying an additional 1,792 shares during the period. Cullen Frost Bankers Inc. boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 5.1% in the second quarter. Cullen Frost Bankers Inc. now owns 393,067 shares of the bank’s stock worth $20,055,000 after buying an additional 19,059 shares during the period. First Bank & Trust boosted its position in Bank Of New York Mellon Corporation (The) by 1.1% in the second quarter. First Bank & Trust now owns 4,800 shares of the bank’s stock valued at $245,000 after buying an additional 52 shares during the last quarter. Retirement Systems of Alabama boosted its position in Bank Of New York Mellon Corporation (The) by 0.5% in the second quarter. Retirement Systems of Alabama now owns 504,189 shares of the bank’s stock valued at $25,724,000 after buying an additional 2,701 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in Bank Of New York Mellon Corporation (The) by 7.0% in the second quarter. Candriam Luxembourg S.C.A. now owns 74,452 shares of the bank’s stock valued at $3,799,000 after buying an additional 4,859 shares during the last quarter. 82.51% of the stock is owned by hedge funds and other institutional investors.
Bank Of New York Mellon Corporation (The) Company Profile
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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