Bank Of New York Mellon’s (BK) “Buy” Rating Reiterated at Vining Sparks

Vining Sparks reissued their buy rating on shares of Bank Of New York Mellon (NYSE:BK) in a report issued on Monday morning. They currently have a $62.00 target price on the bank’s stock.

BK has been the subject of several other reports. Royal Bank of Canada reiterated a hold rating and issued a $58.00 target price on shares of Bank Of New York Mellon in a research report on Wednesday, November 15th. Credit Suisse Group reiterated a hold rating and issued a $55.00 target price on shares of Bank Of New York Mellon in a research report on Tuesday, October 10th. Morgan Stanley upped their target price on shares of Bank Of New York Mellon from $55.00 to $60.00 and gave the stock an equal weight rating in a research report on Friday, October 20th. ValuEngine raised shares of Bank Of New York Mellon from a hold rating to a buy rating in a research note on Tuesday, December 5th. Finally, Barclays boosted their price target on shares of Bank Of New York Mellon from $55.00 to $66.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $56.59.

Shares of Bank Of New York Mellon (NYSE BK) traded up $1.74 during trading hours on Monday, reaching $57.30. 5,113,400 shares of the company traded hands, compared to its average volume of 3,493,100. Bank Of New York Mellon has a one year low of $43.85 and a one year high of $57.39. The stock has a market capitalization of $59,690.00, a price-to-earnings ratio of 16.85, a PEG ratio of 1.78 and a beta of 1.22. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.69 and a quick ratio of 0.69.

Bank Of New York Mellon (NYSE:BK) last announced its earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.01. Bank Of New York Mellon had a net margin of 23.14% and a return on equity of 10.51%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.99 billion. During the same period in the previous year, the business earned $0.90 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. equities analysts predict that Bank Of New York Mellon will post 3.55 earnings per share for the current fiscal year.

In other news, CFO Thomas P. Gibbons sold 38,152 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the completion of the transaction, the chief financial officer now directly owns 310,002 shares of the company’s stock, valued at $16,786,608.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 5,798,725 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total transaction of $303,969,164.50. The disclosure for this sale can be found here. Insiders sold 7,708,334 shares of company stock valued at $404,956,863 over the last three months. 3.60% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of BK. Vanguard Group Inc. raised its stake in Bank Of New York Mellon by 1.6% in the second quarter. Vanguard Group Inc. now owns 67,420,467 shares of the bank’s stock worth $3,439,792,000 after buying an additional 1,071,088 shares in the last quarter. Berkshire Hathaway Inc. raised its stake in Bank Of New York Mellon by 52.2% in the second quarter. Berkshire Hathaway Inc. now owns 50,229,588 shares of the bank’s stock worth $2,562,715,000 after buying an additional 17,217,529 shares in the last quarter. Capital International Investors raised its stake in Bank Of New York Mellon by 120.8% in the third quarter. Capital International Investors now owns 23,045,005 shares of the bank’s stock worth $1,221,846,000 after buying an additional 12,607,183 shares in the last quarter. First Eagle Investment Management LLC raised its stake in Bank Of New York Mellon by 1.4% in the third quarter. First Eagle Investment Management LLC now owns 19,753,288 shares of the bank’s stock worth $1,047,319,000 after buying an additional 271,858 shares in the last quarter. Finally, Longview Partners Guernsey LTD raised its stake in Bank Of New York Mellon by 5.2% in the third quarter. Longview Partners Guernsey LTD now owns 17,381,984 shares of the bank’s stock worth $921,593,000 after buying an additional 862,800 shares in the last quarter. 82.92% of the stock is owned by hedge funds and other institutional investors.

TRADEMARK VIOLATION WARNING: “Bank Of New York Mellon’s (BK) “Buy” Rating Reiterated at Vining Sparks” was first published by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this news story on another publication, it was copied illegally and reposted in violation of United States & international copyright and trademark laws. The legal version of this news story can be viewed at https://stocknewstimes.com/2018/01/11/bank-of-new-york-mellons-bk-buy-rating-reiterated-at-vining-sparks.html.

Bank Of New York Mellon 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 (NYSE:BK)

Receive News & Ratings for Bank Of New York Mellon 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 and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply