Bank Of New York Mellon Corporation (The) (NYSE:BK)‘s stock had its “hold” rating reiterated by equities researchers at Royal Bank Of Canada in a research report issued on Friday, July 21st.
A number of other research firms also recently issued reports on BK. Rafferty Capital Markets restated a “buy” rating and set a $53.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 25th. Bank of America Corporation restated an “underperform” rating and set a $49.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, May 26th. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Tuesday, July 4th. Deutsche Bank AG lifted their target price on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Finally, Zacks Investment Research cut shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $53.12.
Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.97% during mid-day trading on Friday, reaching $52.30. The company had a trading volume of 4,394,935 shares. The company’s 50-day moving average price is $52.76 and its 200-day moving average price is $48.72. The company has a market capitalization of $54.03 billion, a PE ratio of 15.51 and a beta of 1.15. Bank Of New York Mellon Corporation has a 52-week low of $38.68 and a 52-week high of $54.59.
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 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 analyst estimates of $3.91 billion. During the same period last year, the firm earned $0.76 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. On average, analysts forecast that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.
Bank Of New York Mellon Corporation (The) announced that its board has authorized a share buyback program 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 programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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In related news, Chairman Gerald L. Hassell sold 1,788 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value of $94,835.52. Following the transaction, the chairman now owns 872,606 shares in the company, valued at approximately $46,283,022.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The stock was 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. Insiders sold a total of 10,886,887 shares of company stock worth $578,717,898 over the last ninety days. Insiders own 3.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in Bank Of New York Mellon Corporation (The) by 2,064.6% in the first quarter. BlackRock Inc. now owns 57,741,220 shares of the bank’s stock valued at $2,727,121,000 after buying an additional 55,073,730 shares in the last quarter. Berkshire Hathaway Inc. boosted its position in Bank Of New York Mellon Corporation (The) by 52.2% in the second quarter. Berkshire Hathaway Inc. now owns 50,229,588 shares of the bank’s stock valued at $2,562,715,000 after buying an additional 17,217,529 shares in the last quarter. New England Asset Management Inc. boosted its position in Bank Of New York Mellon Corporation (The) by 92,225.0% in the first quarter. New England Asset Management Inc. now owns 3,693,000 shares of the bank’s stock valued at $174,420,000 after buying an additional 3,689,000 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Bank Of New York Mellon Corporation (The) by 1,303.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,624,187 shares of the bank’s stock valued at $133,886,000 after buying an additional 2,437,230 shares in the last quarter. Finally, Capital International Investors boosted its position in Bank Of New York Mellon Corporation (The) by 27.9% in the second quarter. Capital International Investors now owns 10,437,822 shares of the bank’s stock valued at $532,538,000 after buying an additional 2,275,822 shares in the last quarter. Institutional investors and hedge funds own 82.02% of the company’s stock.
About Bank Of New York Mellon Corporation (The)
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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