Bank Of New York Mellon Corporation (The) (BK) Stock Rating Reaffirmed by Citigroup Inc.

Bank Of New York Mellon Corporation (The) (NYSE:BK)‘s stock had its “neutral” rating reissued by equities researchers at Citigroup Inc. in a research report issued to clients and investors on Monday. They currently have a $56.00 price target on the bank’s stock, up from their previous price target of $53.00. Citigroup Inc.’s price target points to a potential upside of 2.45% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. UBS AG cut shares of Bank Of New York Mellon Corporation (The) from a “buy” rating to a “neutral” rating and set a $56.00 target price for the company. in a research note on Friday, September 8th. Zacks Investment Research upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, July 11th. Bank of America Corporation set a $52.00 target price on shares of Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a research note on Friday, July 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Bank Of New York Mellon Corporation (The) currently has an average rating of “Hold” and an average price target of $54.81.

Bank Of New York Mellon Corporation (NYSE:BK) opened at 54.66 on Monday. The firm has a 50-day moving average of $52.47 and a 200 day moving average of $50.24. The company has a market capitalization of $56.47 billion, a P/E ratio of 16.21 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 $54.81.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, beating the consensus estimate 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 business had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.91 billion. During the same period in the previous year, the business posted $0.76 EPS. The business’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts predict 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 of Directors has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $3.10 billion in shares. This repurchase authorization authorizes the bank to buy up to 5.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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In other news, Chairman Gerald L. Hassell sold 1,788 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $94,835.52. Following the completion of the sale, the chairman now owns 872,606 shares of the company’s stock, valued at $46,283,022.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total transaction of $2,340,825.00. Following the sale, the insider now directly owns 204,043 shares of the company’s stock, valued at approximately $10,793,874.70. The disclosure for this sale can be found here. In the last three months, insiders sold 10,931,137 shares of company stock valued at $581,058,723. 3.60% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Vantage Financial Partners Ltd. Inc. purchased a new stake in shares of Bank Of New York Mellon Corporation (The) during the second quarter worth $1,139,000. Bronfman E.L. Rothschild L.P. grew its holdings in shares of Bank Of New York Mellon Corporation (The) by 4.4% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock worth $104,000 after buying an additional 92 shares in the last quarter. First Interstate Bank grew its holdings in shares of Bank Of New York Mellon Corporation (The) by 56.2% during the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock worth $119,000 after buying an additional 842 shares in the last quarter. Exane Derivatives purchased a new stake in shares of Bank Of New York Mellon Corporation (The) during the second quarter worth $130,000. Finally, Hudock Capital Group LLC grew its holdings in shares of Bank Of New York Mellon Corporation (The) by 0.3% during the second quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock worth $130,000 after buying an additional 7 shares in the last quarter. 81.78% of the stock is owned by institutional investors and hedge funds.

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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