Bank of New York Mellon (NYSE:BK) had its target price lowered by JPMorgan Chase & Co. from $50.00 to $49.00 in a research note published on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an underweight rating on the bank’s stock.
A number of other equities research analysts have also recently commented on BK. UBS Group set a $13.00 price objective on shares of Freeport-McMoRan and gave the company a hold rating in a research note on Wednesday, June 26th. Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the company a hold rating in a research note on Monday, July 8th. Deutsche Bank reissued a buy rating and issued a GBX 4,000 ($52.27) price objective on shares of in a research note on Tuesday, June 18th. Buckingham Research reduced their target price on shares of PolyOne from $40.00 to $36.00 and set a buy rating on the stock in a report on Thursday, April 18th. Finally, Zacks Investment Research lowered shares of GreenTree Hospitality Group from a buy rating to a hold rating in a report on Monday, May 20th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $50.91.
Shares of NYSE BK opened at $43.56 on Tuesday. The firm has a market cap of $41.80 billion, a PE ratio of 10.35, a price-to-earnings-growth ratio of 1.34 and a beta of 1.04. Bank of New York Mellon has a 52 week low of $42.13 and a 52 week high of $55.69. The company has a 50-day simple moving average of $43.95. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.68 and a current ratio of 0.68.
Bank of New York Mellon declared that its board has initiated a share buyback plan on Thursday, June 27th that permits the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In other news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.43, for a total transaction of $1,235,750.00. Following the transaction, the executive vice president now directly owns 93,418 shares in the company, valued at approximately $4,617,651.74. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.11, for a total transaction of $31,158,748.77. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Bank of New York Mellon by 36.4% during the 4th quarter. FMR LLC now owns 32,610,453 shares of the bank’s stock worth $1,534,974,000 after acquiring an additional 8,695,718 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Bank of New York Mellon by 2.0% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,843,432 shares of the bank’s stock valued at $698,679,000 after buying an additional 292,800 shares during the period. Macquarie Group Ltd. raised its holdings in Bank of New York Mellon by 4.7% in the fourth quarter. Macquarie Group Ltd. now owns 14,529,096 shares of the bank’s stock valued at $683,885,000 after buying an additional 647,347 shares during the period. Harris Associates L P raised its holdings in Bank of New York Mellon by 5.4% in the fourth quarter. Harris Associates L P now owns 10,826,019 shares of the bank’s stock valued at $509,581,000 after buying an additional 552,515 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Bank of New York Mellon by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 10,721,814 shares of the bank’s stock valued at $503,675,000 after buying an additional 655,356 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.
About Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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