Wells Fargo & Company Begins Coverage on Bank Of New York Mellon Corporation (The) (BK)

Wells Fargo & Company assumed coverage on shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) in a report published on Wednesday, MarketBeat.com reports. The firm issued a market perform rating and a $55.00 price target on the bank’s stock.

A number of other equities analysts also recently issued reports on the company. Zacks Investment Research downgraded Bank Of New York Mellon Corporation (The) from a hold rating to a sell rating in a research report on Wednesday, June 21st. Jefferies Group LLC reaffirmed a hold rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, July 11th. Bank of America Corporation set a $52.00 price target on Bank Of New York Mellon Corporation (The) and gave the stock a sell rating in a research report on Friday, July 21st. Credit Suisse Group reaffirmed a neutral rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, April 21st. Finally, Deutsche Bank AG upped their price target on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a buy rating in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $53.12.

Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.46% during mid-day trading on Wednesday, hitting $52.19. The company had a trading volume of 5,932,583 shares. Bank Of New York Mellon Corporation has a 1-year low of $38.68 and a 1-year high of $54.59. The company has a 50 day moving average of $52.42 and a 200 day moving average of $48.49. The firm has a market capitalization of $53.92 billion, a PE ratio of 15.48 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The business had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The business’s quarterly revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.76 earnings per share. Analysts predict that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

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Bank Of New York Mellon Corporation (The) announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.84%. This is a positive change from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, July 28th. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is presently 28.40%.

In other Bank Of New York Mellon Corporation (The) news, CEO Charles W. Scharf purchased 186,900 shares of the stock in a transaction on Tuesday, August 8th. The shares were bought at an average cost of $53.82 per share, with a total value of $10,058,958.00. Following the completion of the acquisition, the chief executive officer now owns 73,640 shares in the company, valued at $3,963,304.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $53.09, for a total transaction of $530,900,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,885,099 shares of company stock worth $578,623,062. 3.60% of the stock is owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Vantage Financial Partners Ltd. Inc. purchased a new stake in Bank Of New York Mellon Corporation (The) during the second quarter valued at about $1,139,000. Bronfman E.L. Rothschild L.P. raised its stake in Bank Of New York Mellon Corporation (The) by 4.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock valued at $104,000 after buying an additional 92 shares during the last quarter. First Interstate Bank raised its stake in Bank Of New York Mellon Corporation (The) by 56.2% in the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock valued at $119,000 after buying an additional 842 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter valued at about $111,000. Finally, Exane Derivatives purchased a new stake in Bank Of New York Mellon Corporation (The) during the second quarter valued at about $130,000. 82.44% of the stock is currently 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.

Analyst Recommendations for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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