Bank Of New York Mellon Corporation (The) (NYSE:BK) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Sunday, August 6th.
Several other research firms also recently weighed in on BK. Rafferty Capital Markets reissued a “buy” rating and set a $53.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th. Bank of America Corporation reissued an “underperform” rating and set a $49.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, May 26th. Deutsche Bank AG upped their price objective on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, July 21st. Finally, 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. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $53.12.
Bank Of New York Mellon Corporation (NYSE BK) traded up 0.58% during trading on Friday, reaching $52.10. 5,414,635 shares of the company’s stock traded hands. The company’s 50 day moving average is $52.76 and its 200-day moving average is $48.72. Bank Of New York Mellon Corporation has a 52-week low of $38.68 and a 52-week high of $54.59. The stock has a market cap of $53.83 billion, a price-to-earnings ratio of 15.45 and a beta of 1.15.
Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The firm 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 company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS. On average, analysts anticipate 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) declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization permits the bank to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, CEO Charles W. Scharf bought 186,900 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased 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 directly owns 73,640 shares in the company, valued at $3,963,304.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total value of $530,900,000.00. The disclosure for this sale can be found here. Insiders sold 10,886,887 shares of company stock worth $578,717,898 over the last three months. Corporate insiders own 3.60% of the company’s stock.
A number of institutional investors have recently modified their holdings of BK. BlackRock Inc. increased 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 during the period. Berkshire Hathaway Inc. increased 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 during the period. New England Asset Management Inc. increased 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 during the period. Arrowstreet Capital Limited Partnership increased 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 during the period. Finally, Capital International Investors increased 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 during the period. Institutional investors 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.
Receive News & Ratings for Bank Of New York Mellon Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank Of New York Mellon Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.
