BidaskClub downgraded shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) from a buy rating to a hold rating in a research note released on Monday morning.
Several other equities research analysts have also commented on BK. Jefferies Group LLC reiterated a hold rating and issued a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 11th. Buckingham Research reiterated a neutral rating and issued a $57.00 price objective (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research note on Monday, July 10th. Rafferty Capital Markets reiterated a buy rating and issued a $53.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 25th. Royal Bank Of Canada reiterated a hold rating and issued a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 4th. Finally, Deutsche Bank AG increased their price objective on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a buy rating in a research note on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the company’s stock. Bank Of New York Mellon Corporation (The) has an average rating of Hold and an average target price of $53.00.
Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.80% during trading on Monday, reaching $54.25. The company’s stock had a trading volume of 372,150 shares. The firm has a market cap of $56.05 billion, a PE ratio of 16.09 and a beta of 1.15. Bank Of New York Mellon Corporation has a 12 month low of $38.68 and a 12 month high of $54.59. The stock’s 50 day moving average price is $51.59 and its 200-day moving average price is $48.08.
Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The firm had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the business posted $0.76 EPS. Equities analysts predict that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Tuesday, August 1st will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, July 28th. This is an increase from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 annualized dividend and a yield of 1.78%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio (DPR) is 28.40%.
Bank Of New York Mellon Corporation (The) declared that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to repurchase $3.10 billion in shares. This repurchase authorization allows the bank to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ballentine Partners LLC increased its position in Bank Of New York Mellon Corporation (The) by 42.0% in the second quarter. Ballentine Partners LLC now owns 19,409 shares of the bank’s stock valued at $1,043,000 after buying an additional 5,744 shares during the period. Highstreet Asset Management Inc. acquired a new position in Bank Of New York Mellon Corporation (The) during the second quarter valued at approximately $839,000. Murphy Pohlad Asset Management LLC increased its position in Bank Of New York Mellon Corporation (The) by 0.7% in the second quarter. Murphy Pohlad Asset Management LLC now owns 104,896 shares of the bank’s stock valued at $5,351,000 after buying an additional 690 shares during the period. State of Wisconsin Investment Board increased its position in Bank Of New York Mellon Corporation (The) by 16.6% in the second quarter. State of Wisconsin Investment Board now owns 1,375,354 shares of the bank’s stock valued at $70,171,000 after buying an additional 195,840 shares during the period. Finally, Morningstar Investment Services LLC increased its position in Bank Of New York Mellon Corporation (The) by 15.4% in the second quarter. Morningstar Investment Services LLC now owns 655,053 shares of the bank’s stock valued at $33,421,000 after buying an additional 87,549 shares during the period. 82.51% of the stock is owned by 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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