Bank of New York Mellon (NYSE:BK) Stock Rating Upgraded by ValuEngine

Bank of New York Mellon (NYSE:BK) was upgraded by stock analysts at ValuEngine from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, ValuEngine reports.

Several other equities research analysts also recently weighed in on BK. Buckingham Research lowered their price target on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. Deutsche Bank lowered their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Morgan Stanley raised their price target on Bank of New York Mellon from $41.00 to $42.00 and gave the stock an “underweight” rating in a report on Tuesday, September 17th. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $46.00 to $47.00 in a report on Thursday, July 18th. Finally, JPMorgan Chase & Co. lowered their price target on Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $48.90.

BK traded up $0.20 on Wednesday, hitting $42.63. The company had a trading volume of 10,211,958 shares, compared to its average volume of 4,984,189. The stock has a fifty day moving average price of $43.79 and a 200-day moving average price of $46.07. Bank of New York Mellon has a 12-month low of $40.52 and a 12-month high of $54.27. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.71 and a current ratio of 0.71. The stock has a market capitalization of $40.19 billion, a price-to-earnings ratio of 10.13, a P/E/G ratio of 1.34 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.92 billion. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The company’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the company earned $1.03 earnings per share. Analysts forecast that Bank of New York Mellon will post 3.94 EPS for the current fiscal year.

Bank of New York Mellon announced that its board has approved a share buyback program on Thursday, June 27th that permits the company to buyback $3.94 billion in shares. This buyback authorization permits the bank to buy up to 9.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

In related news, Vice Chairman William M. Daley purchased 11,350 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was bought at an average cost of $44.93 per share, with a total value of $509,955.50. Following the completion of the acquisition, the insider now owns 5,700 shares of the company’s stock, valued at approximately $256,101. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total value of $14,882,936.32. Following the completion of the transaction, the insider now directly owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. North Star Investment Management Corp. purchased a new stake in shares of Bank of New York Mellon in the third quarter valued at approximately $181,000. Fulton Bank N.A. increased its position in shares of Bank of New York Mellon by 1.7% in the third quarter. Fulton Bank N.A. now owns 22,334 shares of the bank’s stock valued at $1,010,000 after buying an additional 380 shares in the last quarter. Enterprise Trust & Investment Co increased its position in shares of Bank of New York Mellon by 55.1% in the third quarter. Enterprise Trust & Investment Co now owns 18,296 shares of the bank’s stock valued at $827,000 after buying an additional 6,500 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Bank of New York Mellon by 48.0% in the third quarter. State of Alaska Department of Revenue now owns 193,488 shares of the bank’s stock valued at $8,746,000 after buying an additional 62,784 shares in the last quarter. Finally, Cullinan Associates Inc. increased its position in shares of Bank of New York Mellon by 27.2% in the third quarter. Cullinan Associates Inc. now owns 104,276 shares of the bank’s stock valued at $4,714,000 after buying an additional 22,276 shares in the last quarter. 82.39% of the stock is owned by institutional investors.

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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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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